Economic Systems EL

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10 Terms

1
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Economy

A system by which goods and services are produced and distributed

<p>A system by which goods and services are produced and distributed</p>
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Distribution

how things are given out

<p>how things are given out</p>
3
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Capitalism

An economic system where people own the land, money, and businesses. Based on PROFITS

<p>An economic system where people own the land, money, and businesses. Based on PROFITS</p>
4
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Economic system

the way a society makes and distribute goods and services

<p>the way a society makes and distribute goods and services</p>
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Goods and Services

the objects and actions that people value and produce to satisfy human wants for money

<p>the objects and actions that people value and produce to satisfy human wants for money</p>
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Profits

Money you make after you pay all of your costs

<p>Money you make after you pay all of your costs</p>
7
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Socialism

A system where the government controls some parts of society to make things more even for people. (TAXES)

<p>A system where the government controls some parts of society to make things more even for people. (TAXES)</p>
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Communism

A system where the government controls all parts of society (land, workers, money)

<p>A system where the government controls all parts of society (land, workers, money)</p>
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Taxes

Required payments to a government

<p>Required payments to a government</p>
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society

A community of people who share a common culture

<p>A community of people who share a common culture</p>