Download Chapter 4, Section 5
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
Economic planning 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 â Traditional Economy - trade without money, or âbarterâ â Command Economy â production determined by government, who also owns the means of production, and does not necessarily reflect the consumer demand: communism â Market Economy â Production of goods and services follows consumer demand: capitalism, free enterprise â Socialism â where government may own major means of production, but market consumer demand is followed
