Economy
The range of economic activity in a country, region, or community
Economic System
A structure within a society that organizes the production, distribution, and consumption of goods and services
Gift Economies
Consist of situations where goods and services are exchanged without an expected or immediate return
Barter Systems
Feature a direct exchange of goods without the use of money or another medium of exchange
Market Economies
Prices of goods and services are determined through a free system (economic freedom, competition, economic incentives, limited gov. influence, private ownership)
Laissez-faire
Let do", pure market economy, no gov. presence in economic transactions (Free enterprise)
Planned Economies
Prices of goods and services determined by gov. or state
Mixed Economy
Mixture of planned and market economy models
Socialist Economy
Gov. operates as central authority, guiding economy and controlling many of the businesses
Capitalism
Characterized by privately owned businesses engaged in making profit
Capital
Goods and tools used to make products
Labor
Human ability to produce goods and services, physical and skill/talent
Resources
Land, minerals, forests, oil, etc. that can be used to make goods
Anti-Trust Suits
Used to encourage competition in a particular industry and to break up monopolies
Global Trade
Transportation and exchange of goods, services, resources, and money across international borders
Tariffs
Taxes levied on imports and/or exports