Recursive Methods in Economic Dynamics (2003) –
Solutions Manual – Irigoyen
Economic System - answers-The method a country uses to answer the three economic
questions.
Command Economy - answers-The resources are owned and controlled by the government.
Market Economy - answers-The resources are owned and controlled by the people of the
country.
Traditional Economy - answers-Goods and services are produced the way it has always been
done.
Mixed Economy - answers-Combines elements of the command and market economies.
Capitalism - answers-Another name for the US economy
Consumer - answers-A person who buys and uses goods and services.
Producers - answers-Individuals and organizations that determine what products and services
will be available for sale.
Demand - answers-The quantity of a good or service that consumers are willing and able to buy.
Supply - answers-The quantity of a good or service that businesses are willing and able to
1
Solutions Manual – Irigoyen
Economic System - answers-The method a country uses to answer the three economic
questions.
Command Economy - answers-The resources are owned and controlled by the government.
Market Economy - answers-The resources are owned and controlled by the people of the
country.
Traditional Economy - answers-Goods and services are produced the way it has always been
done.
Mixed Economy - answers-Combines elements of the command and market economies.
Capitalism - answers-Another name for the US economy
Consumer - answers-A person who buys and uses goods and services.
Producers - answers-Individuals and organizations that determine what products and services
will be available for sale.
Demand - answers-The quantity of a good or service that consumers are willing and able to buy.
Supply - answers-The quantity of a good or service that businesses are willing and able to
1
