Flashcards - Economic Systems and Factors of Production

Front

People sell crops in village markets for needed items.

Back

Traditional

Tags

SS.6.B.7

Front

Buyers and sellers make all financial decisions.

Back

Market

Front

Supply and demand set item prices.

Back

Market

Front

Govt controls production factors.

Back

Command

Front

Individuals can own businesses; government controls most social services.

Back

Mixed

Front

Factors of production are controlled by individuals & entrepreneurs.

Back

Market

Front

Factors of production depend on customs, history, beliefs & values.

Back

Traditional

Front

No private property.

Back

Command

Front

People do not decide what to sell or how much to charge.

Back

Command

Front

Limited government involvement with free market concepts.

Back

Mixed