Types of Economies Flashcards
1
Q
What is a subsistence economy?
A
Economy with absence of exchange
Largely based on agri and livestock - economy produces just enough to cover the group of people/society.
2
Q
What is a global economy?
A
Economic activity / Institutions globally
3
Q
What is a barter economy?
A
Exchange only
4
Q
What is a mixed economy?
A
Economy with substantial government intervention
Example: Ireland, US, UK etc.
5
Q
What is a command economy?
A
Resources allocation is directed by the state only
Example: Communist Cuba, North Korea etc.
6
Q
What is a market economy?
A
Exchange economy with little government intervention
