Economy Vocabulary

Front

A system in which people make, exchange, and use things that have value.

Back

Economy

Front

An economy in which the citizens own and operate the businesses with no government involvement

Back

Market

Front

An economy that is planned and controlled by a central government, no citizen control

Back

Command

Front

An economy in which both the government and citizens own, operate, and regulate businesses.

Back

Mixed

Front

When you trade for what you need

Back

barter

Front

An economy that is based on subsistence farming and providing for people's most basic needs, often through the use of bartering.

Back

Traditional

Front

Only growing enough food for your family to eat and products are often handmade or traded for food or services

Back

subsistence farming

Front

Living in the countryside

Back

Rural

Front

Farming

Back

Agriculture

Front

industry

Back

manufacturing