Market Types
An economic system where the government controls all economic activity.
What is a command system?
things we need to survive and things we want but do not need
What are needs and wants?
Economic system that has very few regulations on businesses.
What is a free system?
How much of something is available to buy
Supply
Economic system where citizens/people create economic rules and regulations
What is a market system?
How much of something people want to buy
What is demand?
Economic system that relies on agriculture (farming) and battering
Very little or limited supply of a product
The economic system(s) of America today
What is a mixed system? Combination of a free market with some government control