Unit 3 Vocabulary Frontload Ms. Ramos Alta Loma High School.

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Presentation transcript:

Unit 3 Vocabulary Frontload Ms. Ramos Alta Loma High School

Economic System The way a country sets up the production & consumption of G&S Illustration

Command Economy Econ sys: govt/pwrful ruler decide prod & consumption Illustration Egyptian pharaohs

Free Market Illustration Econ sys: means of prod are mostly privately owned & operated for profit US, Australia

Mixed Economy Illustration Econ sys: govt & indiv are involved in prod & consumption South Africa

Traditional Economy Illustration Econ sys: custom/ tradition determine production & consumption Maasai clan of East Africs

Market Economy Illustration Econ sys: producers & consumers make econ decisions

Factor Payment Illustration Income when one sells or rents a factor of production Wages to workers for their labor

Circular Flow Model Diagram of movement of money, resources, and G&S btwn households & producers Illustration

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