LS6 - Types Of Economy Flashcards
1
Q
Market
A
Anywhere buyers and sellers exchange goods and services, physically or digitally
2
Q
Ways To Allocate Resources
A
Market Mechanism
Planning
3
Q
Market Mechanism
A
The process by which the market allocates resources
4
Q
Planning
A
The process by which a government allocates resources, funded through taxation.
5
Q
Command Economy
A
Resources are allocated solely by the state.
6
Q
Mixed Economy
A
Resources are allocated by the state and the price mechanism
7
Q
Free Market Economy
A
Resources are allocated solely by price mechanism.
8
Q
Public Sector
A
The part of an economy that’s controlled/owned by the government.
9
Q
Private Sector
A
The part of an economy which isn’t controlled/owned by the government.
10
Q
check notion please
A
check notion now you fudhu
