Unit One Lesson Three Economics

the fairness with which an economy distributes its resources and wealth

• Communism

• Economic equity

• Mixed Economy

• Capitalism

a society’s way of coordinating the production and consumption of goods and services

• Human capital

• Mixed economy

• Command economy

• Economic System

an economic system in which decisions about production and consumption are based on custom and tradition

• Socialist economy

• Traditional Economy

• Command economy

• Mixed economy

an economic system in which decisions about production and consumption are made by a powerful ruler or government

• Mixed economy

• Free Market Economy

• Command economy

• Democratic economy

an economic system in which economic decisions are left up to individual producers and consumers

• Market economy

• Command economy

• Mixed economy

• Monopolistic economy

income earned when an individual sells or rents a factor of production that he or she owns

• Flow capital

• Factor payment

• Human Capital

• Credit payment

an economic system in which both the government and individuals play important roles in production and consumption

• Mixed society

• Democratic society

• Mixed economy

• Command economy

an economic system in which the means of production are mostly privately owned and operated for profit

• Free enterprise system

• Mixed enterprise system

• Command system

• Capital system

Which is not one of the three basic economic questions?

• For whom will it be produced

• What will be produced

• How will it be produced

• Why will it be produced

Which is not one of the seven economic goals of a society

• Economic security

• Economic losses

• Economic growth

• Economic freedom