Economic System - The method or way goods and services are produced and consumed within a country, Producer - Something that makes or creates something else, Consumer - Something that uses something else for themselves, Good - A physical product that can be bought from a store or person, usually with money, Service - When someone who provides you with something or helps you accomplish a task, then you pay them, Traditional Economy - People decide what to produce & consume based on cultural practices or family needs, Command Economy - The government controls all economic decisions for the country including its price., Free-Market Economy - Businesses produce goods based on the demand of the consumer, without government regulations, Market Economy - Producers are free to decide what to produce and are free to buy whatever they want. , Supply and Demand - When the price of a good (product) goes up or down based on its availability., Supply - The amount of goods available, Demand - How much people want a good or service., Globalization - How trade and technology have connected the world by allowing countries to exchange goods more easily. It happens when the economies around the globe interact., North American Free Trade Agreement (NAFTA) - A deal between the United States, Canada, and Mexico making it easier for these countries to trade goods without paying extra taxes., Surplus (surPLUS) - When there is TOO MUCH of a product,

Economic Systems

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