Introduction to Economy

Someone who makes goods or provides services to sell.

• Producer

• Consumer

• Goods

• Services

Someone who buys goods or services.

• Producer

• Consumer

• Goods

• Services

A type of economy where companies decide what products to make and how much to sell the products for based on demand.

• Market

• Command

• Traditional

• Mixed

A type of economy where the government decides what companies should make and how much it should cost.

• Market

• Command

• Traditional

• Mixed

A type of economy where the government regulates certain aspects of the economy but does not control everything.

• Market

• Command

• Traditional

• Mixed

A type of economy that is based off of traditions and customs. It may rely on fishing, hunting, or trading.

• Market

• Command

• Traditional

• Mixed

When the prices of goods and services are determined by how much producers can supply and what consumers demand.

• Supply & Demand

• Imports & Exports

• Unemployment Rate & GDP per Capita

• Command & Traditional Economies

Goods that are bought from another country.

• Import

• Export

• Poverty Line

• Global Supply Chain

Goods that are sold to another country.

• Import

• Export

• Global Supply Chain

• GDP per Capita

A physical item that a producer creates and a consumer can purchase.

• Good

• Service

• Producer

• Consumer