Economic Systems and Trade of SW Asia Vocabulary

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Which economic system relies on traditions and customs to answer the 3 economic questions?

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Traditional economy

Front

3 economic questions:

• What to produce?
• How to produce it?
• For whom to produce it for?

Back

What to produce? How to produce it? For whom to produce it for?

Front

market economy

Back

economic system that relies on supply and demand to answer the 3 economic questions, citizens make the decisions

Front

traditional economy

Back

economic system that relies on customs and habits the 3 economic questions

Front

command economy

Back

economic system that relies on the government to answer the 3 economic questions

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mixed economy

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economic system that relies on the government and citizens to answer the 3 economic questions, part command and part market

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GDP (Gross Domestic Product)

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total monetary value of all goods and services produced in a country in 1 year

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investment

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an asset or item acquired to generate income

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allocate

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distribute (resources or duties) for a particular purpose

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diversify

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to produce a wide range of products and services