the scientific study of the means of producing and distributing goods and services so that they may be consumed by others.

one in which goods and services are freely given to others without any expectations for returns of the favor.

the individual who will create the goods or services.

the individual who will use the goods or services.

the products that are desired by individuals.

the creation of a good or service that has value to another individual.

one in which goods and services are traded for other goods and services without an intermediary form of payment (like money).

the independent unit of customers.

an economy in which the state directs the economy. This means that the state will determine how goods will be produced and to whom the goods will be distributed.

a formal body which is in charge of creating and enforcing laws within a state.

the general increase in prices, and fall in the purchasing value of money

an economy in which the state directs the economy. This means that the state will determine how goods will be produced and to whom the goods will be distributed.

an economic system in which the means of production are held in common amongst members.

are processes that are desired by individuals.

are those which meet certain criteria of economic measurement including gross domestic product (GDP) per capita, industrialization, etc.

the economic system many are already familiar with. The purpose of capitalism is to ensure that production occurs that maximizes profit and is characterized by competition against other producers within the system. The means of production are privately held.

an economy in which there is a strong division of labor (someone owns the restaurant, someone manages the restaurant, yet other people carry out the tasks of cooking and waiting tables); supply and demand is what allows individuals to set prices.

the method of getting the goods to the individuals who will use them.

an economy based on agriculture. also based upon family customs and do not rely upon market strategies.

one which has not yet organized, nor begun to organize in terms of job growth, industrialization, health care, etc.

The actual use of the goods that are produced is what is known as consumption. Often times, consumption produces some form of waste.

one which combines elements of both capitalist societies and socialist societies.also features some elements of the ideals of capitalism and private ownership of the means of production, along with elements of the ideals of socialism with the public (governmental) ownership of the means of production.

the number of goods or services produced, and the number of consumers wanting the goods or services.

the way that production within a society occurs. It involves how goods or services are produced, distributed, and managed within the society.

one in which there may be hunger issues (but not what you would find in an underdeveloped economy), and where you may find a wide variety of progress being made on the development spectrum.