Unit 2: Economic Systems (VERSION 2)

Front

Production is based on long-established customs and traditions; people often grow their own food and barter/trade

Back

traditional economy

Front

The government controls the economy; the central government makes ALL economic decisions

Back

command economy

Front

Economy based on private ownership, free trade, and competition; prices are determined by supply/demand.

Back

market economy

Front

A combination of traditional, market, and command economic systems.

Back

mixed economy

Front

An economic system in which individuals and private businesses run most industries.

Back

Capitalism

Front

The government controls some of the basic factors of production, but other industries are privately owned.

Back

Socialism

Front

A political system in which the government owns all property and dominates all aspects of life in a country.

Back

Communism

Front

The way in which a society organizes the production and distribution of goods and services; Divided into 3 types.

Back

Economic System