Introduction to Economics & Types of Economies

Front

What type of economy is also called a free enterprise system?

Back

Market

Front

On organized way in which a nation chooses to use its resources to create goods/services.

Back

Economic systems

Front

One in which economic decisions are based on a society's values, cultures and customs.

Back

Traditional Economy

Front

A science that examines how goods and services are produced, sold, and used.

Back

Economics

Front

These are always limited. Individuals, businesses, and government must decide on how to use these.

Back

Economic resources

Front

These are economic resources a nation uses to make goods and services for its population.

Back

Factors of Production

Front

The willingness and ability to start new businesses

Back

Entrepreneurship

Front

People who start a new business or purchase an existing business.

Back

Entrepreneur

Front

The reason people choose to start or expand their businesses.

Back

Profit Motive

Front

Determines the price of goods and services

Back

Supply and Demand