Economics Concepts Review

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

• Free enterprise (capitalist)

• Socialist

• Command / Communist economy

• Traditional economy

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

• Free enterprise / Capitalist economy

• Socialist

• Communist / Command economy

• Traditional Economy

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

• Free Enterprise / Capitalist economy

• Communist / Command economy

• Socialist economy

• Traditional economy

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

• Free Enterprise / Capitalist economy

• Socialist economy

• Communist / Command economy

• Traditional economy

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

• Land

• Labor

• Capital

• Entrepreneurs

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

• Land

• Labor

• Capital

• Entrepreneurs

The factor of production that includes

the tools, buildings, equipment and factories used in productions

• Land

• Labor

• Capital

• Entrepreneurs

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

• Land

• Labor

• Capital

• Entrepreneurs

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

• Manufacturing

• Retail

• Agriculture

• Services

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

• Services

• Manufacturing

• Retail

• Agriculture