Economy Types

Which economy is family/agricultural based?

Which economy is privately owned so everyone can participate?

Which economy is government owned?

Which economy is a mix of all 3 other types?

All economies trade goods and services.

A sum of the goods and services a country produced each year

A higher GDP means a country is producing more stuff than other countries

A lower GDP means a country is not producing more stuff than other countries

The level of wealth and material comfort people have compared to others

If the standard of living is higher, it means a country is more wealthy than others