Econ 2.1 Types of Economic Systems

Economic system in which basic economic decisions are made by a central authority.

(a)  

Economic system in which basic economic activity stems from ritual, habit, or custom

• Traditional Economy

• Mixed Economy

• Socialism

• Utility

Economic system in which traditional, command, and market economies are mixed.

(a)  

An organized way of providing for the wants and needs of a society.

• Mixed Economy

• Socialism

• Economic System

• Capitalism

Economic system in which supply, demand and the price system help people make decisions and allocate resources.

(a)  

Economic and political system in which the government owns and controls some factors of production.

• Utility

• Market Economy

• Command Economy

• Socialism

Political and economic system in which factors of production  are owned and controlled collectively by the state.

(a)  

Capacity of a good or service to be useful and give satisfaction.

• Mixed economy

• Socialism

• Economy

• Utility

Meeting place or mechanism allowing buyers and sellers of an economic product to come together. Local, regional national or global.

(a)  

Economic system in which private citizens own and use the factors of production to generate profits.

• Traditional Economy

• Capitalism

• Communism

• Market Economy