geography 3

Is the way that goods and services are produced in a society. Also decide how profits are distributed to the population. Economic systems. Traditional economic powers.

There are 3 economic systems: Subsistence, communist and capitalist. global, traditional, new.

Economic system used before the industrial Revolution. Subsistence. Communist. capitalist.

Economic system in LESS developed societies. Subsistence. Communist. Capitalist.

Economic system in which the State controls the economy. subsistence. communist. capitalist.

production for somestic consumption. subsistence. communism. capitalism.

Cuba, Laos, North Korea, vietnam and China use this economic system: subsistence. communism. capitalism.

Extra production sold in the local market. subsistence. communist. capitalism.

FREE MARKET economic system: subsistence. communism. capitalism.

the most economic system used in the world. subsistence. capitalist.

private ownership, making profit, law of supply and demand and free competition are characteristics of: communism. capitalism.