Latin American Economics Vocabulary (SS6E1)

Front

A system of exchange whereby one good/service is given in return for another

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barter

Front

an economic model wherein government planners make all business and financial decisions

Back

command economy

Front

an economic model used by governments to determine what should be
produced/provided in terms of goods and services, how, and for whom

Back

economic system

Front

the capacity of private citizens to create new businesses independent of
government direction or intervention

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entrepreneurship

Front

the creation, maintenance, and expansion of businesses outside the control or influence of the government.

Back

free enterprise

Front

an economic model which the laws of supply and demand (not government oversight) determine what is produced/consumed and at what cost

Back

market (capitalist) economy

Front

a 0-100 scale which ranks world economies from most command-leaning (0)
to most market-leaning (100)

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economic continuum

Front

term used to describe the market/command/traditional blending of all modern
world economies

Back

mixed economy

Front

an economic model governed by custom, habit, and history

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traditional