The economy is the system of production, distribution, and consumption of goods and services. There are different types of economies: command, traditional, market, and mixed. Each varies in their ideals and systems of controls. Economies are not borne in a vacuum. These controls, or regulations, are established by norms or laws put into place by those in power—usually a government—and they apply to individuals, industries, and governments alike.
3 - 12+
Social Studies, Economics, Sociology, World History