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.
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