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Command Economy
| An economic system in which the government controls what products will be made, how many will be made, and how much they will cost. The government sets national production goals. |
Confederation
| A form of government in which the states keep most of the power and only give limited powers to a central (national) government such as in the area of defense. |
Constitution
| A written plan setting out the rules and laws outlining the way a government is organized and operated |
Economic System
| The policies and institutions that promote the production, distribution, and consumption of goods and services in a nation. |
Distribution
| The movement and transfer of goods and services from the point of production (where they're made) to the point of consumption (where they're bought and used.) |
Market Economy
| An economic system based on the private ownership of businesses that allows market factors such as supply and demand to determine what products will be made, how many will be made, and how much they will cost. |
Mixed Economy
| An economy in which some production is done by the privae businesses, but government directs and regulates industry in need areas. |
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