CHAPTER 6 TYPES OF ECONOMY Flashcards Preview

EDEXCEL THEME 1 MICRO ECONOMICS > CHAPTER 6 TYPES OF ECONOMY > Flashcards

Flashcards in CHAPTER 6 TYPES OF ECONOMY Deck (4)
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1
Q

Command or planned or centrally planned economy

A

An economic system where government, through a planning process , allocates resources in society.

2
Q

Economic system

A

A complex network of individuals, organisations and institutions and their social and legal interrelationships what allocates resources.

3
Q

Free market economy, or free enterprise economy or capitalist economy or market economy

A

An economic system that resolves the basic economic problems mainly through the market mechanism.

4
Q

Mixed economy

A

An economy where both free market mechanism and the government planning process allocate significant proportions of total resources.