EF 4 Econ Systems and Allocation of Resource Vocab Review

Front

Individuals and businesses control what, how, and for whom to produce.

Back

market

Front

Govt controls what, how, and for whom to produce

Back

command

Front

Custom controls what, how, and for whom to produce

Back

traditional

Front

Individuals and government control production decisions.

Back

mixed

Front

Attempts by individuals or organizations to acquire the same goods, services, or resources.

Back

Competition

Front

Institutional framework of rules determining production and provision of goods/services.

Back

Economic Systems

Front

Rules by government to influence consumer and business behavior.

Back

Government Regulation

Front

Legal designation for property ownership

Back

Private ownership

Front

Desire to earn money that drives people to produce goods and services.

Back

Profit motive

Front

Spending income, changing jobs, joining unions, starting businesses

Back

Economic Freedom