Types of Economies
This economic system operates based on the forces of supply and demand, where decisions are primarily made by consumers and businesses in the marketplace
Market Economy
It is a table or chart showing the quantity of a good or service demanded at different prices during a specific period.
Demand Schedule
Money borrowed that is expected to be paid back with interest.
Loans
This is an individual or entity that purchases goods and services for personal use or consumption.
A consumer
Compulsory financial contributions imposed by the government on individuals or businesses.
Taxes
This economic system relies on customs and traditions to determine what, how, and for whom goods and services are produced.
Traditional Economy
This is an individual or entity that purchases goods and services for personal use or consumption.
Consumer
The condition where unlimited human wants exceed limited resources available to fulfill those wants.
Scarcity
Rules or directives established by authorities to control conduct or behavior in various sectors.
Regulations
Developed Demand Side policies that encouraged government spending to stimulate the economy
Keynes
In this economic system, the government has significant control over the allocation of resources and decision-making in production and distribution.
Command Economy
This is an individual or entity that creates or manufactures goods and services for sale or exchange.
Producer
allocation of goods and services when no prices are available
Rationing
Intangible actions or tasks performed to satisfy a need or want.
Services
These type of policies encourage spending from the business sector to help improve the economy
Supply Side Policy
This economic system operates based on the forces of supply and demand, where decisions are primarily made by consumers and businesses in the marketplace.
Market Economy
It is a chart or table that demonstrates the quantity of a good or service supplied at different prices during a specific period.
Supply Schedule
Activity flows from consumers to producers, and producers to the factor market
Flow of Economic Activity
Goods or services produced in one country and sold to another country.
Export
social security, medicare/medicaid
Federal Taxes
This economic system combines elements of both market principles and government intervention in resource allocation and regulation.
Mixed Economy
The total economic output of a country divided by its population.
GDP per Capita
As the supply of goods goes up, the price for the goods goes down
Law of Supply
The quantity of a good or service that consumers are willing and able to buy at a given price during a specific period.
Demand
Two significant economic events in the past 100 years
Great Depression, Great Recession