Economic Systems
This is an economy based on customs and beliefs
Traditional
THIS IS WHEN THERE IS NOT ENOUGH TO GO AROUND TO SATISFY EVERYONE’S WANTS
Scarcity
THESE RESOURCES ARE FROM THE EARTH
NATURAL
THIS IS THE MARKET WHERE HOUSEHOLDS SELL TO BUSINESSES IN THE MARKET FLOW MODEL
RESOURCE MARKET
IRDL THE TURTLE STANDS FOR THIS
INCREASE RIGHT, DECREASE LEFT
In this economy, buyers and sellers make the decision to the three economic questions.
Market
Spending and taxing policies (strategies) of the federal government to influence the economy.
FISCAL POLICY
THESE RESOURCES ARE THE TOOLS AND MACHINERY USED IN PRODUCTION
CAPITAL
THIS IS THE MARKET WHERE BUSINESSES SELL TO HOUSEHOLDS IN THE MARKET FLOW MODEL
GOODS/SERVICE MARKET
THIS IS WHAT WE CALL IT WHEN PRICE INCREASES AND QUANTITY DECREASES (AND VICE VERSA)
THE LAW OF DEMAND
In this economy, a central authority or a government answers the three economic questions.
Command
THIS IS THE TERM USED WHEN SOMEONE BORROWS MONEY FROM A BANK.
LOAN.
THIS TYPE OF RESOURCE IS THE LABOR PUT OUT BY WORKERS.
HUMAN.
THIS IS THE SELLER IN THE RESOURCE MARKET AND THE BUYER IN THE PRODUCT MARKET.
HOUSEHOLDS
THIS IS WHAT WE CALL IT WHEN PRICE INCREASES AND QUANTITY INCREASES (AND VICE VERSA)
THE LAW OF SUPPLY
This type of economy is technically all countries in the world.
Mixed
THIS IS THE MONEY THAT IS CHARGED ON YOUR LOAN OVER TIME AND THE MONEY BANKS PAY YOU FOR HAVING AN ACCOUNT.
INTEREST.
THIS IS THE TYPE OF RESOURCE DEALING WITH THE RISKS AND REWARDS OF STARTING A BUSINESS.
ENTREUPRENURSHIP.
THIS IS THE BUYER IN THE RESOURCE MARKET AND THE SELLER IN THE PRODUCT MARKET.
BUISNESSES
THIS IS WHAT WE CALL POINT IN WHICH THE QUANTITY SUPPLIED IS EQUAL TO THE QUANTITY DEMANDED
EQUILIBRIUM
The United States is classified as this type of economy. The one it is MOST like.
Market
THIS IS THE BANK OF BANKS
THE FEDERAL RESERVE
THIS IS WHAT WE CALL IT WHEN THERE ARE PLENTY OF RESOURCES.
SURPLUS
THESE INSTITUTIONS ARE IN THE CENTER OR THE MARKET FLOW MODEL, HELPING WITH THE FLOW OF MONEY.
BANKS/FINANCIAL INSTITUTIONS
THIS IS WHAT WE THE THING THAT CAUSES A SHIFT IN SUPPLY AND DEMAND
SUPPLY/DEMAND DETERMINANT