economic system
The way a society decides what to produce, how to produce it, and who gets the goods and services.
traditional economy
An economy where decisions follow customs passed down through generations, often based on farming, herding, hunting, fishing, gathering and sharing.
command economy
An economy where the government makes most decisions about what is produced, how, and at what price.
market economy
An economy where most decisions are made by individuals and private businesses through buying and selling, guided by supply and demand.
mixed economy
An economy that combines private businesses and markets with government services and rules. Almost all countries today are mixed.
primary sector
Jobs that take resources directly from nature: farming, fishing, forestry, mining, oil and gas.
secondary sector
Jobs that make or build products from raw materials: manufacturing, construction, processing.
tertiary sector
Jobs that provide services: retail, health care, teaching, transportation, tourism.
quaternary sector
Knowledge-based jobs: research, information technology, data and advanced science.