An economic system characterized by private (citizen) ownership of businesses and property.
Economics Concepts Review

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Social Studies
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6th Grade
•
Hard
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1.
FLASHCARD QUESTION
Front
Back
Free enterprise (capitalist)
2.
FLASHCARD QUESTION
Front
An economic system of shared ownership of resources which provide a more equal distribution of goods and services.
Back
Socialist
3.
FLASHCARD QUESTION
Front
A system based on the culture and traditions of the past.
Back
Traditional economy
4.
FLASHCARD QUESTION
Front
An economic system of shared ownership of resources which provide a more equal distribution of goods and services.
Back
Socialist economy
5.
FLASHCARD QUESTION
Front
A factor of production that includes people with new, innovative ideas who start businesses
Back
Entrepreneurs
6.
FLASHCARD QUESTION
Front
A factor of production that includes workers and their efforts and abilities.
Back
Labor
7.
FLASHCARD QUESTION
Front
The factor of production that includes the tools, buildings, equipment and factories used in productions
Back
Capital
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