An economic system where in the decisions are based on traditions and practices upheld over the years and passed on from generation to generation.

• Traditional economy

• Market economy

• Command Economy

This is the authoritative system wherein decision-making is centralized in the government or a planning committee.

• Traditional economy

• Market economy

• Command Economy

This is the most democratic form of economic system.

• Traditional economy

• Market economy

• Command Economy

It is the use or allocation of scarce resources to meet man’s unlimited needs and wants.

• Economics

• Accountancy

• Market

It is the insufficient or inadequacy of economic resources and as a result, we have to decide and choose.

• Needs

• Normative

• Scarcity

It describes and explains various economic phenomena or the “what is” scenario.

• Positive Economics

• Normative Economics

• Macroeconomics

It is a division of economic that is concerned with the overall performance of the entire economy.

• Microeconomics

• Normative Economics

• Macroeconomics

It is concerned with the behavior of individual entities such as the customer, the producer, and the resource owner.

• Microeconomics

• Normative Economics

• Macroeconomics

It focuses on the value of economic fairness, or what the economy “should be”. In other words, it is based on value judgments.

• Positive Economics

• Normative Economics

• Macroeconomics

It is man-made resources used in the production of goods and services.

• Land

• Labor

• Capital