European economics

An economic system where the government tells people what jobs they will have and what prices they will pay is called a...

• Command Economy

• Market Economy

• Barter Economy

What are the 3 basic economic Questions all economies must answer:

• Who? What? When? Where?
• I? D? K?
• What to produce? How to produce? For whom to produce?

What are the three basic economic systems:

• Command, Traditional, Market
• Autocracy, Democracy, Holland
• UK, Euro, Dollar

Economic system based on custom, traditions and the past

• Command
• Market
• Traditional 

Economy based on what their parents have always done and what their parents have always done etc etc

• command
• market
• traditional 

trading without using money is called? 

• House
• Bartering
• handoff 

Government controls all aspects of economy
Example: The government owns most of the property, sets the prices of goods, determines the wages of workers, plans what will be made…everything 

• command
• market
• traditional 

A country with complete economic freedom and no government control would be:

• command
• market

In a command economy, decisions about what, how and for whom to produce are determined by:

• the government

• cultural; traditions

• supply and demand

A person who takes a risk to start a business. Ex. Bill Gates, founder of Microsoft

•  cashier
• entrepreneur
• capitalist
• proprietor