Economics Systems. Terms to Know. Free Market Command Traditional Mixed Capital Land Labor. Natural Resources Entrepreneur Trade Barriers Tariffs Quotas Embargo Currency Exchange Specialization. Why do we study Economics?.
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How will it be produced?
What and How Much will be produced?
For whom will it be produced?
While there are many terms that are used to describe the types of economies that exist in the world, most economists agree that there are four major types of economic systems.
In reality there are no pure market economies, nor are there any pure command economies. For example, even in the United States, where free enterprise reigns, the government plays a major role in the economy. Minimum wages, social security, and regulatory policies are examples of government involvement.