Notes Economics - The branch of knowledge concerned with the making, buying, and exchanges of money, goods, etc.

Notes Free Market Economy – An economy in which decisions about products, goods and services are decided through the public’s need for it, in a free system, with little to no government involvement.

Notes Command (Planned) Economy Economy directed by the government All means of production are state owned/controlled Government makes all choices about goods

Notes Traditional Economy – Earliest economic system in which traditions, customs, and beliefs shape the goods and the products the society creates. Often in rural, farm-based areas