Types of Economic Systems

An economic system based on customs, traditions, and beliefs.

An economic system where the government makes all economic decisions.

An economic system where decisions are made by individuals and businesses based on supply and demand.

An economic system that combines elements of both command and market economies.

A person who organizes, manages, and takes on the risks of a business.

Restrictions on the import or export of goods, such as tariffs, quotas, and embargoes.

A tax imposed on imported goods.

A limit on the amount of a product that can be imported or exported.

A government order that restricts or prohibits trade with a particular country.

The relationship between the availability of a product and the desire for that product.