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Economic, Needs and Wants - Coggle Diagram
Economic
Economic Terms
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Goods
physical objects that are produced, bought and sold, e.g. food, clothes, computers, cars
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Sector
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Quarternary
Based on the economic activity that is associated with either the intellectual or knowledge-based economy.
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Economy
Command economy
A command economy is an economic system where the government controls all major aspects of production, distribution, and resource allocation.
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Market economy
A market economy is an economic system where two forces, known as supply and demand, direct the production of goods and services.
United States of America, United Kingdom
Mixed economy
A mixed economy is an economy organized with some free-market elements and some socialistic elements
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