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AP Microeconomics
Unit 1 – Basic Economic Concepts
Topic 1.2
What is an economic system?
A system guided by the laws of supply and demand in a competitive market.
A set of rules, institutions, and practices that determine how a society produces, distributes, and consumes goods and services.
A system in which the government has complete control over the production, distribution, and consumption of goods and services.
A system that relies on custom and tradition to guide decision-making.
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AP Microeconomics - 1.2 Resource Allocation and Economic Systems
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Economic System
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About Us
About Fiveable
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Careers
Testimonials
Code of Conduct
Terms of Use
Privacy Policy
CCPA Privacy Policy
Resources
Cram Mode
AP Score Calculators
Study Guides
Practice Quizzes
Glossary
Crisis Text Line
Request a Feature
Report an Issue
© 2024 Fiveable Inc. All rights reserved.
AP® and SAT® are trademarks registered by the College Board, which is not affiliated with, and does not endorse this website.
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