Economic Systems 2

A system in which people produce, sell, and buy things.

• government
• economy
• culture
• business

People trade goods and services without money.

• Traditional Economy
• Free Enterprise (Market) Economy
• Command Economy
• Mixed Economy

Government owns most parts of the economy and decides what will be produced and sold.

• Traditional Economy
• Command Economy
• Free Enterprise (Market) Economy
• Mixed Economy

Privately owned businesses create goods that people buy in markets.

• Traditional economy
• Free enterprise economy
• Command economy
• Mixed economy

Has elements of a free enterprise and command economy.

• Traditional economy
• Free enterprise (market) economy
• Command economy
• Mixed Economy

Objects we use (that can be bought or sold)

• goods
• services
• cars
• jobs

An act that can be done for someone (can be bought or sold)

• good
• service
• business
• market

An example of a job that produces a service 

• miner
• dairy farmer
• rancher (raises cows)
• nurse

An example of a job that produces a good

• Doctor
• Teacher
• Police Officer
• Farmer

The four types of economic systems are: 

• Traditional, Command, Mixed, & Market
• Traditional, Command, Combined, & Market
• Communism, Capitalism, Free Market, and Macroeconomics
• Microeconomics, Macroeconomics, Individual, and Traditional.