Economic Systems KeyTerms

taking away rules or laws on an industry such as deregulation of transportation.

• the institutions, producers, consumers, and other groups that answer the three basic economic questions in a society

• money a person makes from working

 adding rules or laws established by the government such as taxes, tariffs, subsidies, Federal Reserve guidelines, environmental protections, safety guidelines, and consumer protection

 fairness in the access to goods and service

• An economy uses all of its resources to produce goods and services that are desired and does not waste resources on unwanted products

• Market Economy - producers and consumers make economic decisions and the factors of production are privately owned

• – producers, consumers and the government share economic decision making

• economic system where roles are handed down from generation to generation and the basic questions are answered as they have been since the distant past

•   the government controls the means of production, property, and makes all decisions about production and consumption.