Types of economy's
How many different types of economy's are there?
There are 4
What does Supply mean?
Supply is the amount of something that is available.
Who were the economic titans in 1660?
They were the Mughal Empire
When people have a economic system when they make goods and provide services the way their ancestors did, what type of economy is that.
It is the traditional economy
What does consumer mean?
A consumer is someone who acquires goods or services for his/her own personal use.
When did the U.S become part of the economy?
The U.S became part of the economy in 1831
When a central authority controls all major decisions regarding the production, pricing, and distribution, what is this economy called?
It is the Command economy
What does producer mean?
Someone who makes goods or offers services to others.
When people and businesses make mostly economic decisions instead of the government, what economy is this called?
It is the Market economy
What does trade mean?
Trade means to exchange goods and products.
When people make many economic choices and the government helps control some parts of the economy, what is this economy called?
It is the Mixed economy
What does economy mean?
An economy is the producing, consuming, and trading goods, services and resources involving many people, resources, and/or happening over a large area.