Economic Markets

How many types of markets are there in economics?

• 10

• 2

• 3

• 7

What is a mixed market economy?

• An economic system base on supply & demand with little government control.

• an economic and political system based on public or collective ownership of production that emphasizes economic quality.

• A local town market where all the products are free.

• A market where you do not need to pay any hire or entrance fees.

What do Economic Systems help regulate/distribute?

• Money and profit

• Needs and wants, I want food!!!

• Shares and investments

• The 4 Factors of production:

  Land

  Capital

  Labour

  Enterprise

What is a Planned Economy?

• A planned economy is a system in which a central government makes all economic decisions. Either the government or a collective owns the land and the means of production.

• A planned economy allows supply and demand with no government control

• An Economy which plans everything.

• A planned economy is a system which allows private owners to make as much money as possible

What is a Free Market Economy

• The free market is an economic system where the government controls everything.

• The free market economy is an economic system where everything is free.

• The free market is an economic system based on supply and demand with little or no government control.

• The economic problem: Scarcity