Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
5 Cards in this Set
- Front
- Back
|
Factors of production |
1. Natural Resources 2. Labor 3. Capital 4. Entrepreneurship 5. Information |
|
|
Traditional economy |
A system in which decisions involving the production, distribution, and consumption of goods are based upon custom, heredity, and caste. |
|
|
Command economy |
Also known as the planned or directed economy. A system in which a centralized authority determines the production and distribution of goods and services as well as things like savings, investments, and prices. |
|
|
Free enterprise economy |
A system in which people are free to make their own economic choices. In this system, which is also known as private capitalism or the market economy, private individuals and businesses are allowed to own property and make personal choices free from governmental interference and excessive regulations. |
|
|
Mixed economy |
Where a system combines a good measure of free enterprise in some areas with heavy state regulations in others. |
