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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Source: Image of Cartoon Lightning, Public Domain, http://bit.ly/1kAz4xp, Image of Target, Public Domain, http://bit.ly/1kxHivg, Blackboard, Public Domain, http://bit.ly/1kN9fzi, Man Silhouette, Public Domain, http://bit.ly/1puLoHB, Stock Exchange, Public Domain, http://bit.ly/1mVDZdY, Statue of Liberty, Public Domain, http://bit.ly/1hTPdU1, Calculator, Public Domain, http://bit.ly/1lkQ9Md, Eiffel Tower, Public Domain, http://bit.ly/1kzZlw1, Sweden Building, Public Domain, http://bit.ly/1qLMhJa, Taj Mahal, Public Domain http://bit.ly/TVZi89

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.