EMS Grade 9

A system that determines how resources, factors of production are allocated and used in production to satisfy the needs and wants in a country,

Is responsible for making all the economic decision

In a market economy prices are determined by demand and supply

The economic decisions are made by both the government and private sector

The four factors production are skilled workers , capital, natural resources, entrepreneurship

A flow of all goods and services in an economy

Are in charge of the factors of production

Provide public goods to households and businesses

In an opened economy trade does not take place

Increases a countries economic growth, investment, and job opportunities