Command
What is command
Command is a economy where gov owns almost everything
What is market
When you have a economy where you are free to make businesses and you decide on prices, etc
What does Germany do
Has small and large businesses and gov protects citizens
What is trade
When you give each other resources you need more
IS BLUEY THE BEST
YES
What can gov do
They can decide what to produce, how to produce, how much it cost, etc
What is a example of market
Consumers decide what to produce
What is mixed
A economy of both command and market
Someone who makes businesses
Entrepreneur
Can bluey legally trade
NOOOOO
What is rare
Citizen business are rare
What set's up these businesses?
Supply and demand
What is the gov like
Play's strong role in providing services
Supply and demand
If you need something that is demand and the supply is how much you have of it
DRIVES MONEY
WHAT ARE THE 3 TYPES OF ECONOMY
command, market, mixed
What country is mostly command
What country leans towards this
U.K.
What does this balance
Balances innovation and welfare
something YOU DO WELL IN
SPEALIZATION
Can there be a full economy
NO
What does gov own
Big business like oil and gas
What is the U.K. economy
A economy where gov has little help and citizens play the biggest role
What country leans toward this
Germany!
scarcity factor
How much you have of something and if you need more
The system of exchanging goods
TRADE