Economic Systems Module 22 Laurel Springs Business

Goods brought in from a foreign country to be sold

• imports

• exports

• economy

Goods sent to a foreign country to be sold

• imports

• exports

• economy

The act of buying, selling, or exchanging goods and services between people, companies, or countries

• imports

• exports

• trade

A system that relies on customs, beliefs, and traditions from the past to guide economic decisions

• traditional system

• tribe

• traditions

A group of people or a community that shares the same values, language, and culture

• traditional system

• tribe

• traditions

The handing down of a culture's beliefs and customs from one generation to another

• traditional system

• tribe

• traditions

An economy where the government makes all of the economic decisions

• command system

• distribution

• traditions

A type of government and economic system in which everything is shared among those in the community

• distribution

• communism

• traditions

To divide or spread out among many

• distribution

• communism

• command system

An economy in which the prices of goods and services are determined by supply and demand in an open market

• market system

• free enterprise

• competition