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;
15 Cards in this Set
- Front
- Back
|
land |
everything on earth in its natural state/ the earth's natural resources
|
|
|
labor |
all the people who work in the economy |
|
|
capital |
the money needed to start and operate a business. |
|
|
entrepreneurship |
the skills of the people willing to risk their time and money to run a business. |
|
|
types of economic system |
market and command |
|
|
command economy |
the government controls the factors of the production and makes all the decisions the government is responsible for. |
|
|
mixed economy |
some governments involvement through mandatory laws and regulations that businesses follow. |
|
|
capitalism |
an economic system characterized by private ownership of businesses and marketplace competition |
|
|
socialism |
increased government involvement in peoples lives and the economy . |
|
|
communism |
the government runs everything |
|
|
economies n transition |
the breakup of the soviet union is the best example of a county changing from a command economy to a market economy |
|
|
ethics |
guidelines for behavior |
|
|
4 areas of social responsibility |
environment business ethics consumerism employee issuses |
|
|
environment issues |
air and water pollution |
|
|
consumerism |
the social effort y protect consumer rights by putting legal, moral, and economic pressure on business |
