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6 Cards in this Set
- Front
- Back
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What is a communist state
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System that focuses on the ownership of the state
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What is capitalism
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Complex system that focuses on private ownership
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What are the four factors of production
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land labour capital enterprise
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Who tells the corporations what to produce how to produce and when to producte
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the consumers and there spending patterns
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What is the market mechanism
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Technical name for the way consumers and producers interact for determining the price of something
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What are three key areas where desicions are made
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Rational - cost based decisions
irrational or impulse based Powerful influences e.g governments |
