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3 Tutorials that teach Economic Systems
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Economic Systems

Economic Systems

Author: Aisha Williams

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

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Terms to Know
Economy Systems

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

Factors of Production

Resources necessary to produce output.

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.

Planned Economy

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