Economics

the government makes all decisions in regards to the economy.

• Market Economy

• Traditional Economy

• Mixed Economy

• Command Economy

Citizens determine what to produce, how much to charge.

• Market Economy

• Command Economy

• Traditional Economy

• Mixed Economy

economy based on customs, history, and beliefs.  They are often based on inheritance and seen in developing countries.

• Traditional Economy

• Market Economy

• Mixed Economy

• Command Economy

economy that has some aspects of command and some of market economy.

• Traditional Economy

• Market Economy

• Mixed Economy

• Command Economy

 how much money a country makes in a year

• Profit

• GDP

• GDP per capita

• Revenue

how much money the average person (within a country makes in a year) or values of all goods and services divided by the population

• Profit

• Revenue

• GDP

• GDP per capita

goods/services that a country brings in from another country

• Import

• Export

• trade

• supply

goods/services that a country sells and sends out to another country

• Import

• Export

• Supply

• Demand

how well ppl are living; determined by amount of goods/services they can afford

• Profit

• Standard of Living

• GDP

• GDP per capita

the gain (or excess) by selling goods/services

• Profit

• Supply

• Demand

• Revenue