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3 Tutorials that teach Economic Systems
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Economic Systems

Economic Systems

Author: Jeff Carroll
Description:

This lesson is an introduction to economic systems and factors of production.

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Tutorial

Source: Image of crowd, dollar sign, entrepreneur, world in folder, bullseye, 3D arrow, hamburger, images by Video Scribe, License held by Jeff Carroll; Image of euro, Public Domain, http://bit.ly/1kmVRg9; Image of oil pump, Public Domain, http://bit.ly/1pHpQoF; Image of supply and demand graph, Public Domain, http://bit.ly/1nxaxhr; Image of United States, Public Domain, http://bit.ly/Szo9xj; Image of invisible hand, Public Domain, http://bit.ly/1pfSTC3.

TERMS TO KNOW
  • Factors of Production

    Resources necessary to produce output.

  • Economy Systems

    How a society chooses to distribute goods, services, and resources.

  • Planned Economy

    A central authority controls and chooses how to distribute resources for the production of goods and services.

  • Market Economy

    Supply and demand dictates how to distribute resources for the production of goods and services.

  • Mixed Market Economy

    A combination of a planned economy and market economy.