8.2

Economic system

An organized way for a country to decide how to use its productive resources

Market economy

Economic system in which individual buying decisions in the marketplace together determine the answer of economic questions

Command economy

A economic system in which a central planning authority under the control of country's government, owns most of the factors of production and determines the answer of economic questions.

Mixed economy

A economic system that uses aspects of market a and a command economy to make decisions.

GALLERY

WATCH