Econ

Traditonal Economy

Based on survival needs instead of supply & demand. Includes fishing, farming, ect.

Scaricty

Things with a limited supply and a unlimited demand.

Market Economy

Based on supply and demand, private citizens own the 4 sectors.

Capitalism

Created by Adam Smith, an “invisible hand” (greed) makes decisions that drive the economy, and the government should keep a hands-off (laissez-faire) policy.

Command Economy

The Government owns all businesses and markets, think North Korea.

Communism

Workers own all the properties but are controlled by a government, needs a voilent uprising to start.

Socalism

People own their own private properties, but the Government owns the market.