Factors Determining Economic Activity Flashcards
1
Q
4 Types of Economy
A
State - Controlled Economy
Market Economy
Mixed Economy
Open Economy
2
Q
State - Controlled Economy
A
All allocation of resources is Govt controlled
3
Q
Market Economy
A
No GOVT intervention
Purely Supply + Demand controls pricing
4
Q
Mixed Economy
A
Mainly Supply + Demand
GOVT control still possible
5
Q
Open Economy
A
International trade sanctioned ( no control around it)
a economy open to international trade
