Unit 2: Economic Systems

What is a Producer

• A Producer is a person or entity responsible for the overall management of a project.
• A Producer is a person who only handles finances for a project.
• A Producer is a type of software used for video editing.
• A Producer is a term used in agriculture to describe a type of crop.

What is a Distributor?

• A Distributor is a person who manufactures products and sells them directly to consumers.
• A Distributor is a person who only buys products from retailers and resells them to consumers.
• A Distributor is a person or entity that buys products from manufacturers and sells them to retailers or consumers.
• A Distributor is a person who provides services to manufacturers but does not involve in selling products.

What is a Consumer?

• A software program used for data analysis
• A government agency that regulates businesses
• A type of financial institution
• An individual or entity that purchases goods or services for personal use or consumption.

What is Labor

• Labor is a type of currency
• Labor is a type of insect
• Labor is the physical or mental effort exerted to produce goods or services.
• Labor is a type of food

What are Resources?

• Resources are liabilities that hinder progress
• Resources are only physical objects
• Resources are assets or materials that can be used to achieve a goal or fulfill a need.
• Resources are intangible concepts

What is Capital?

• Capital is financial assets used for making the products

• Capital is a type of money

• Capital is a product revenue

• Capital is a money currency

What is Laiseez Faire?

• Strict regulations on economic activities
• Term of government affairs

• The less the government is involved in the economy, the better off businesses will be, and by extension, society as a whole

• The more government is involved in the economy, the better off businesses will be, and by extension, society as a whole

What is a Mixed Economy?

• A mixed economy combines elements of both capitalism and socialism.
• A mixed economy is solely based on capitalism.
• A mixed economy can be a combination of different economic systems

What is an Traditional Economy?

• A Traditional Economic System is controlled by a central government.
• A Traditional Economic System is based on modern technologies and innovations.
• A Traditional Economic System is focused on maximizing profits and economic growth.
• A Traditional Economic System is based on customs, traditions, and beliefs that have been passed down through generations.

What is an Market Economy?

• A market economy is an economic system where decisions are made by the government without any market influence.
• A market economy is an economic system where supply and demand have no impact on decision-making.
• A market economy is an economic system where the government controls all aspects of production and distribution.
• A market economy is an economic system where decisions regarding investment, production, and distribution are based on supply and demand in the market, with minimal government intervention.