A
What type of economic system is this? - An economic system where all decisions about production, pricing, and distribution are made by private individuals and businesses without any government intervention. Prices are determined entirely by supply and demand.
Free Enterprise/ Capitalist Economy
What economic system is this? - An economic system where the government makes all key decisions about what to produce, how to produce it, and for whom. The state owns most resources and controls prices, wages, and output.
Command or Planned Economy
Public Sector is
The part of the economy controlled and funded by the government, providing services such as education, healthcare, policing, and infrastructure.
Private Sector
The part of the economy owned and operated by private individuals or companies aiming to make a profit, rather than by the state.
What type of economic system is this? - An economic system combining elements of both the free market and government planning. Some industries are privately owned while others are publicly controlled to balance efficiency with social welfare.
Mixed Economy
When everyone who wants a job can find one at existing wage levels.
Full Employment
Balanced Regional Development
Ensuring that all regions in a country share fairly in economic growth.
The physical systems and facilities (e.g. roads, transport, ports, telecommunications) that support economic activity.
Infrastructure
Government Finances
The management of government spending and taxation to influence the level of economic activity.
What is an Economic System
How resources are allocated, and economic decisions are made in an economy
What is price stability
Keeping inflation under control so the cost of living remains stable and industry stays competitive
What is a demerit good?
A good that if over-consumed/over-produced can impose negative external costs (externalities) on third parties.