Economic Systems Vocabulary

an economic system in which the central government owns factories, farms, and offices.

• Producers

• Economy

• Communism

• Capitalism

people who buy and use products.

• Consumers

• Producers

• Economy

• Capitalism

nations with many industries and advanced technology.

• Economy

• Developed Nations

• Producers

• Developing Nations

A system in which people make, exchange, and use things that have value.

• Consumers

• Producers

• Economy

• Developing Nation

an economic system in which individuals own most businesses.

• Consumers

• Capitalism

• Communism

• Producers

owners and workers

• Communism

• Economy

• Consumers

• Producers

nations with few industries and simple technology.

• Developing Nations

• Communism

• Developed Nations

• Consumers