Government SOL2 Economic Systems

An economy in which production is based on customs and traditions and economic roles are typically passed down from one generation to the next.

Exchange goods without involving money.

An economic system combining private and public enterprise. it is a combination of capitalism and command economies.

An economic system in which the government controls a country's economy.

A theory or system of social organization based on the holding of all property in common, actual ownership being ascribed to the community as a whole or to the state.

An economic and political system in which a country's trade and industry are controlled by private owners for profit, rather than by the public or government.

the part of an economy that is controlled by the government.

the part of the economy that involves the transactions of individuals and businesses

An economic system in which prices and wages are determined by unrestricted competition between businesses, without government regulation or fear of monopolies.

a political and economic theory of social organization that advocates that the means of production, distribution, and exchange should be owned or regulated by the community as a whole.

The study of how people seek to satisfy their needs and wants by making choices

not having enough resources to produce all of the things we would like to have

an economic concept that states that the price of a good rises and falls depending on how many people want it (demand) and depending on how much of the good is available (supply)