Download Chapter 4, Section 5

Survey
yes no Was this document useful for you?
   Thank you for your participation!

* Your assessment is very important for improving the work of artificial intelligence, which forms the content of this project

Document related concepts

Transformation in economics wikipedia, lookup

Production for use wikipedia, lookup

Ragnar Nurkse's balanced growth theory wikipedia, lookup

Steady-state economy wikipedia, lookup

Non-monetary economy wikipedia, lookup

Economics of fascism wikipedia, lookup

Economic calculation problem wikipedia, lookup

Economic democracy wikipedia, lookup

Đổi Mới wikipedia, lookup

Economic planning wikipedia, lookup

Criticisms of socialism wikipedia, lookup

Participatory economics wikipedia, lookup

Transcript
Economic Geography 4.5
• An economy consists of the production and
exchange of goods and services among a group of
people
• The way people choose to produce and exchange
goods is called as economic system
– Traditional Economy - trade without money, or “barter”
– Command Economy – production determined by government, who
also owns the means of production, and does not necessarily reflect
the consumer demand: communism
– Market Economy – Production of goods and services follows
consumer demand: capitalism, free enterprise
– Socialism – where government may own major means of
production, but market consumer demand is followed