Vocabulary- Economics Part 1

A scale that ranks world economies from most command-learning(0) to most market-learning (100)

An economic model which the laws of supply and demand determine what is produced/consumed and at what cost

System used by governments to determine what should be produced/provided in terms of goods and services, how & for whom.

The capacity of private citizens to create new businesses independent of government direction or intervention

A system of exchange whereby one good/service is given in return for another; does not require monetary exchange

Term used to describe the market/command blending of all modern world economies

The creation, maintenace, and expansion of businesses outside the control or influence of the government

An economic model governed by custom, habit, and history

An economic model wherein government planners make all business and finacial decisions.