Economic Systems: Australia

trading

• traditional economy

• wage

• free enterprise

• bartering

• production quota

an economy with government control and government decision-making

• traditional economy

• wage

• entrepreneurship

• bartering

• command economy

a private citizen developing a business based on supply and demand

• subsistence

• market economy

• entrepreneurship

• bartering

• command economy

the operation of a business without control from the government

• subsistence

• free enterprise

• entrepreneurship

• traditional economy

• command economy

an economy based on supply and demand

• wage

• free enterprise

• market economy

• traditional economy

• production quota

a goal of a certain amount of good or service to be produced in a certain timeframe

• wage

• subsistence

• free enterprise

• traditional economy

• production quota

producing only what is needed for personal survival

• wage

• subsistence

• free enterprise

• bartering

• command economy

a simple economy operated through tradition and bartering

• market economy

• subsistence

• traditional economy

• free enterprise

• command economy

money paid to a worker

• entrepreneurship

• subsistence

• traditional economy

• wage

• bartering

A traditional economy is based on