Create a BUBBLE (SPIDER) concept map of these terms listed in the Overview as Key Terms...

Create a BUBBLE (SPIDER) concept map of these terms listed in the Overview as Key Terms (there are nine of them) by generating a definition for each term and discussing the connections between/within this set of terms ranking them from central to supporting concepts.

A bubble/spider concept map organizes concepts from central to supporting, with the more overarching terms in the center and the supporting/defining terms radiating out. Labeled lines with arrows show linkages between concepts and how they are related.

Terms to use: markets, barter, trade, mercantilism, capitalism, free enterprise, command economy, socialism, communism

Solutions

Expert Solution

Central terms

1.markets

A market is a place where buyers meet sellers to buy goods and services.

2.trade

Trade is the exchange of goods andservices between individuals,countries or other parties.

Supporting terms

1.barter

Barter is a system where good is exchanged for another good.

2.command economy

Economy which is controlled by government and economic decisions are taken by government.

3.mercantilism

Mercantilism is the idea that increasing trade will increase nations wealth.

4.socialism

Government intervention in market mechanism is known as socialism.

5.capitalism

Market functioning because of market mechanism is known as capitalism.

6.communism

When distribution of property and resources is primarily controlled by government,it is known as communism.

7.free enterprise

Where private business operates in competition and largely free of government intervention is known as free enterprise.

Rahul Sunny answered 1 year ago

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