Types of Economies
This economy relies on customs and traditions.
What is Traditional
The amount of a good businesses are willing to sell.
Supply
A place where buyers and sellers exchange goods or services.
What is a market
Government actions that influence the economy.
What is economic policy
Natural materials like oil, land, and water?
What are natural resources
In this system, the government controls production and distribution.
What is Command
The amount consumers are willing to pay at a given price.
What is demand
The money paid for a good or service.
What is price
A tax on goods coming into a country.
What is a tariff
Buying goods from another country.
What are imports
This economy is based on supply, demand, and competition.
What is Market
When demand is higher than supply, prices usually do this.
What is go up
The money a worker earns.
What is wage
Government money given to support businesses.
What is a subsidy
Selling goods to another country.
What are exports
This type of economy combines government control and free markets.
What is Mixed
When supply is greater than demand, this happens to prices.
What is go down
When businesses try to win customers with better deals.
What is competition
Rules set by the government to protect people or the environment.
What is regulation
Cutting down large amounts of trees for production.
What is deforsitation (Enviromental Impact)
This idea shows economies exist on a spectrum, not just one type.
What is Economic Continuum
The term for when there is not enough of a product to meet demand.
What is a shortage
This concept explains how prices are determined in a market.
What is supply and demand
The lowest legal pay workers can receive.
What is minimum wage
Practices that reduce harm to the environment.
What is sustainability