Emergence Of Economic System Flashcards
A system of production, resource allocation, and distribution of goods and services within a society or a given geographic area
Economic system
The most basic of all the economic types and in practice since Asian times, The tradition financial system involves very little diffusion of labor (In other words, individual specializing in producing specific goods) and very little in the way of economic governance
The traditional economic system
A more advanced economic system compared to the traditional financial system, The______________economic system involves planning from a centralized point, either a local government or indeed the national government, us under communist rule
The command economic system
A system where the loss of supply and demand direct goods and services
The market economic system
Traditional economic system are incapable of dealing with the advanced requirements of a developed society, but there are arguments for and against both the market and command economies
The mix economic system
An economic system combining private and public enterprises
Mixed economy
