systems for producing, distributing and consuming goods and services

where goods and services are directly exchanged for other goods or services (no currency (money) is involved)

An economy where supply and price are regulated by the government rather than market forces. Government planners decide which goods and services are produced and how they are distributed

A system of allocating resources based only on the interaction of market forces, such as supply and demand. A true market economy is free of governmental influence

in which the government imposes boundaries on capitalism to limit the concentration of power and achieve social balance. The U.S. economic system is a mixed economy

individuals and companies are allowed to compete for their own economic gain; and free market forces determine the prices of goods and services. Such a system is based on the premise of separating the state and business activities. Capitalists believe that markets are efficient and should thus function without interference, and the role of the government is to regulate and protect

 economic system characterized by the collective ownership of property and by the organization of labor for the common advantage of all members, state plans and controls the economy and a single, often authoritarian party holds power. (all goods are equally shared by the people, derived from Karl Marx) 

Economic system which is based social organization rather than competition and advocates centralized planning, distribution, and exchange should be regulated by the community as a whole.

Name for the process of increasing the connectivity and interdependence of the world's markets and businesses (growth to a global or worldwide scale)

A relationship between two or more people, regions, nations or other entities (things) in which each is dependent on the other for necessary goods or services

-Resources occurring in nature that can be used to create wealth. Examples include oil, coal, water, land, minerals, forests, water.

A material or substance used in the primary production or manufacturing of a good. Raw materials are often natural resources.

A natural resource that can replenish itself over time is renewable (Water, wind power, solar power). Nonrenewable cannot be replenished (oil).

All financial decisions and activities of an individual, this could include budgeting, insurance, savings, investing, debt servicing (credit cards), and mortgages.