57
Lesson 57 of 84 · Economics
Economic Systems: Market, Command, and Mixed
Economic systems determine how societies answer three questions: What to produce? How? Who gets it? Market, command, and mixed economies answer differently.
Key Facts
1
Every choice has an opportunity cost.
2
Money is a medium of exchange.
3
Needs are different from wants.
Check Your Understanding
Question 1
1 of 2What happens when demand is high and supply is low?