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Economic Scarcity and the Function of Choice

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Economic system in which traditions, customs, and beliefs help shape the goods and the services the economy produces, as well as the rules and manner of their distribution.

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To truly understand the ways of the economy, one must go on a long and painful journey, through 4 years of high school, and even more college, taking a ridiculous amount of classes. This is only the beginning, because to truly understand econ, you must reach Nirvana, because from that state of perfect peace, one can study without getting frustrated from the blurred lines in many of these lessons.

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an economy in which production, investment, prices, and incomes are determined centrally by a government.

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The Economic Systems Song (Confident by Demi Lovato Parody)

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I can't believe I allowed myself to put this here.

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I kinda skimmed through this one and it seems boring so if you wanna skit it go ahead.

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UniversityNow: Types of Economic Systems

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Economic system in which the decisions regarding investment, production, and distribution are guided by the price signals created by the forces of supply and demand.