T2 Economic Systems Vocabulary

Front

A framework that outlines how a country allocates its resources and distributes goods and services.

Back

Economic System

Front

An economy where customs, traditions, and beliefs shape the goods and services produced and how they are distributed.

Back

Traditional Economy

Front

An economic system where the government controls the means of production and makes all decisions about the production and distribution of goods and services.

Back

Command Economy

Front

An economic system where supply and demand guide production, pricing, and investment decisions with minimal government intervention.

Back

Market Economy

Front

An economic system that combines elements of both market and command economies, involving both private and public ownership.

Back

Mixed Economy

Front

The ability of individuals to make economic decisions for themselves, such as where to work, what to buy, and what to sell.

Back

Economic Freedom

Front

The optimal use of resources to maximize output and minimize waste.

Back

Economic Efficiency

Front

The assurance that basic needs of individuals will be met, often provided by social safety nets.

Back

Economic Security

Front

The practice of managing resources to meet present needs while ensuring future generations can also meet theirs.

Back

Economic Sustainability

Front

Fair and just distribution of wealth, opportunity, and resources within a society.

Back

Economic Equity