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10 terms

Economicz Termz

Chillin.'
STUDY
PLAY
economy
the way a government/group handles money
consumer
one who buys
consumer demand
what and how much consumers want
means of production
places that make products
capitalism
system in which individuals control the means of production and are rewarded based on how hard they work to meet consumers' needs
communism
system in which the government controls the means of production and people are rewarded based on need so that everyone has an equal amount
socialism
system in which the government controls the means of production, but people are rewarded based on what they do
market economy
economy in which the consumer has the power
command economy
economy in which the government has the power
profit
the money that producers make