economic systems

0.0(0)
studied byStudied by 0 people
learnLearn
examPractice Test
spaced repetitionSpaced Repetition
heart puzzleMatch
flashcardsFlashcards
Card Sorting

1/3

encourage image

There's no tags or description

Looks like no tags are added yet.

Study Analytics
Name
Mastery
Learn
Test
Matching
Spaced

No study sessions yet.

4 Terms

1
New cards

3 main economic system

Planned economic system , free market economic system, mixed economic system

2
New cards

market economy

Decisions made by individuals and businesses

Based on supply and demand

Little to no governmental control

Examples : USA 🇺🇸 South Korea 🇰🇷

People / individuals choose what to buy , sell and produce

Prices are set by the market ( not the government)

3
New cards

Planned economy

The government controls everything

Government decides

  • What to produce

  • How to produce

  • For whom to produce

4
New cards

Mixed economy

Mixture of market and planned systems .

Some things are decided by people and others decided by the government

Tries to give freedom and fairness