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12 Cards in this Set
- Front
- Back
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PROFIT |
= Revenues – Expenses |
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FACTORS OF PRODUCTION |
Capital, Human Resourcess, Enterpreneurs,Information Resources, Natural Resources, Capital. |
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ECONOMIC SYSTEMS |
Governmentregulation of factors of production. Market and Command Economies. |
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COMMAND ECONOMIES |
Government has great control and influenceover factors of production. Eg. Communism and Socialism. |
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COMMUNISM |
Government owns and operates all industry.Makes resource distribution decisions. |
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SOCIALISM |
Government owns critical IndustriesIndividuals own non critical business. |
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MARKET ECONOMY |
Supply and Demand, Freedom of choice.Market is a mechanism for the exchange of goods. Capitalism and competition. |
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INPUT MARKET |
Firms buy resources from households. |
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OUTPUT MARKET |
Households buy goods and services fromfirms. |
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CAPITALISM |
Supply and demandOpen MarketEncourages Profit as incentive. |
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MIXED MARKET ECONOMY |
Combination of command and marketeconomies. |
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GOVERNMENT INTERACTIONS WITH BUSINESS |
Customer, Competitor, Regulator, TaxationAgent Provider of IncentivesProvider of Essential Services. Highways,postal service, healthProvides financial aide, providesincentives to stimulate growth. |
