Economics Exam Study

Front

Not enough resources to satisfy human wants

Back

Scarcity

Front

Resources needed to produce goods and services (land, labor, capital, and entrepreneurship)

Back

Factors of Production

Front

All natural resources used to produce goods and services

Back

Land

Front

All human effort used to produce goods and services

Back

Labor

Front

Economic system in which goods are produced and distributed based on customs

Back

Traditional Economy

Front

Economic system in which the government makes all economic decisions

Back

Command Economy

Front

Economic system in which individual choice and voluntary exchange direct economic decisions

Back

Market Economy

Front

Economic system based on private ownership of factors of production

Back

Capitalism

Front

Economic system in which the government owns all or some of the factors of production

Back

Socialism

Front

Economic system in which the government owns all the factors of production and there is little or no political freedom

Back

Communism