Production is based on customs and bartering; Usually has no currency.

The government controls a country's economy and all of the factors of production.

Trade and industry are controlled by private owners for profit.

Combination of private and public enterprise.

Amount of money earned before payroll taxes are deducted (removed).

Amount of money earned after payroll taxes are deducted (removed).

Which of the following terms is the closest synonym for a market economy?

Which of the following forms of government is usually associated with a command economy?

A system in which society owns and controls the means of production.

Considered the founder of modern communism.

Considered the founder of modern capitalism.

The study of how how goods and services are produced, distributed, and consumed.

Goods purchased by consumers of a country that are produced in an other country.

The price of a good rises and falls depending on how many people want it (demand) and how much of the good is available (supply). Socialism

Goods produced in a country that are then sold in another country.

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