Economics Concepts Review

Front

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

Back

Free enterprise (capitalist)

Front

An economic system of shared ownership of resources which provide a more equal distribution of goods and services.

Back

Socialist

Front

A system based on the culture and traditions of the past.

Back

Traditional economy

Front

An economic system of shared ownership of resources which provide a more equal distribution of goods and services.

Back

Socialist economy

Front

A factor of production that includes people with new, innovative ideas who start businesses

Back

Entrepreneurs

Front

A factor of production that includes workers and their efforts and abilities.

Back

Labor

Front

The factor of production that includes the tools, buildings, equipment and factories used in productions

Back

Capital

Front

The factor of production that includes the Natural resources available for production

Back

Land

Front

The sale of goods and services on a small scale. (Shops, at the mall)

Back

Retail

Front

Anything related to cultivation plants, crops and livestock. (Farming and Ranching).

Back

Agriculture