Economic Terms

What is the way a country produces and distributes goods and services?

• Economic System

• Traditional Economy

• Command Economy

• Markety Economy

A number line from 0 to 100 that tells us how command or market a country is.

• Market Economy

• Goods

• Services

• Continuum

To make something for other people to buy.

• Consume

• Produce

• Distribute

• Services

To give something out

• Distribute

• Consume

• Goods

• Services

To buy a good or service.

• Distribute

• Consume

• Goods

• Services

Anything you pay for that you cannot physically touch

Example: Cell phone bill

• Goods

• Services

• Produce

• Consume

Something you can buy that you can physically touch.

• Goods

• Services

• Consume

• Produce

Has a little bit of all three economies.

• Traditional

• Command

• Mixed

• Market

Supply and demand determines what is made and sold. High demand = things made.

Low demand = things not made.

• Traditional

• Command

• Market

• Mixed

The government controls everything! What people can buy, sell, and how they can make it.

• Traditional

• Command

• Market

• Mixed