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

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

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

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

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

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

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

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

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