Economic Test Review

Globalization

• Based on past traditions. Trade and barter.
• The money, tools, buildings, equipment and factories used in production.
• business operating on a global scale.
• an economic system combining private and government ownership

mixed economy(socialist)

• an economic system combining private and government ownership
• Includes people, their efforts and abilities. Labor is work and/or workers.
• all natural resources used to produce goods and services
• entrepreneurs driven by profit, supply and demand determines prices, citizens make economic choices, little to no government involvement

Traditional Economy

• all natural resources used to produce goods and services
• A person who organizes, manages, and takes on the risks of a business.
• Based on past traditions. Trade and barter.
• the number of years a person can expect to live

free market economy

• entrepreneurs driven by profit, supply and demand determines prices, citizens make economic choices, little to no government involvement
• an economic system combining private and government ownership
• business operating on a global scale.
• A person who organizes, manages, and takes on the risks of a business.

command economy(communism)

• An economic system in which the government makes all economic decisions.
• Based on past traditions. Trade and barter.
• The money, tools, buildings, equipment and factories used in production.
• A person who organizes, manages, and takes on the risks of a business.

labor

• an economic system combining private and government ownership
• Based on past traditions. Trade and barter.
• Includes people, their efforts and abilities. Labor is work and/or workers.
• An economic system in which the government makes all economic decisions.

Entrepreneur

• all natural resources used to produce goods and services
• the number of years a person can expect to live
• an economic system combining private and government ownership
• A person who organizes, manages, and takes on the risks of a business.

Capital

• the number of years a person can expect to live
• How many years does the average citizen go to school
• The money, tools, buildings, equipment and factories used in production.
• The percentage of a country's people who can read and write.

land

• Includes people, their efforts and abilities. Labor is work and/or workers.
• the number of years a person can expect to live
• all natural resources used to produce goods and services
• Gross Domestic Product- the total market value of all final goods and services produced annually in an economy

GDP

• How many years does the average citizen go to school
• The percentage of a country's people who can read and write.
• entrepreneurs driven by profit, supply and demand determines prices, citizens make economic choices, little to no government involvement
• Gross Domestic Product- the total market value of all final goods and services produced annually in an economy