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Traditional Economy Found in agricultural communities, goods are usually bartered Mercantilism

Traditional Economy Found in agricultural communities, goods are usually bartered Mercantilism Economic system where a country has colonies to provide raw materials. The government benefits the most, not individuals Laissez faire

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Traditional Economy Found in agricultural communities, goods are usually bartered Mercantilism

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  1. Traditional Economy Found in agricultural communities, goods are usually bartered Mercantilism Economic system where a country has colonies to provide raw materials. The government benefits the most, not individuals Laissez faire “Hands off”—the government has absolutely no control over the market (pure capitalism) Command economy The market is completely controlled by the government (pure communism) Mixed economy The government has some control over the market. In some countries the government has a lot of control, in others the government has much less. Economics Vocabulary

  2. Scarcity I don’t have something I need, so I am compelled to get it Monopoly One company has complete control over a market, no competition Adam Smith Founder of capitalism, wrote “The Wealth of Nations” Karl Marx Founder of communism., wrote “The Communist Manifesto” and “Das Kapital” Economics Vocabulary

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