Vocabulary- Economics Part 1

An economic model governed by custom, habit, and history

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

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

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

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

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

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

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

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