25
Lesson 25 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
Trade connects people globally.
2
Every choice has an opportunity cost.
3
Money is a medium of exchange.
Check Your Understanding
Question 1
1 of 2What is an opportunity cost?