Unit 1 - Economies Flashcards
1
Q
Command Economy
A
Production and goods services is determined by a central government, which usually owns means of production.
2
Q
Market Economy
A
Production of goods and services is determined by the DEMAND from consumers. (Demand economy or Capitalism)
3
Q
Mixed Economy
A
A combination of command and market economies provide good and services so that all people will benefit.
