1. Economics
I can explain the different types of economies and give solid examples of each.

2. 4 Types of Economic Systems
Traditional
Command
Market
Mixed

3. Traditional Economy
Family or Community based economic system that relies on custom and rituals to make its choices. (past down from one generation to the next)
Examples:
Aborigines
Amazon Tribe
Third World Countries

4. The three worlds as they were separated during the Cold War era, each with its respective allies.      
First World: the United States and its allies.      
Second World: the Soviet Union and its allies.      
Third World: Non-aligned and neutral countries.

5. Command Economy Government makes all the decisions Examples: Cuba
China
Any Communist
country or
Dictatorship

6. Market Economy
Individual business owners make the decisions based on consumer choices

7. Mixed Economy
Individuals and the government share the decision-making process
Means of production are mostly privately owned but government guides and regulates the economy.
Example:
USA

8. Consumers
The people who buy and use products

9. Goods/Services Goods are products that you buy.
Services are the things people do for others in exchange for money or something of value.

11. Supply/Demand Amount of each good or service available to consumers
The amount of good or service that consumers are willing to buy.

12. Competition

13. Opportunity Cost
Value of the next best choice
vs.

14. Scarcity
The condition that exists when wants exceed resources available to satisfy wants

15. Monopoly
When specific individuals or enterprise has sufficient control over a particular product or service that determines which other individuals should have access to it

16. Resources Human Resources Natural Resources Capital Resources
(Tools, machines, and factories used to produce goods.)