Econ Vocab Review 31

an economic system where the prices, goods, services, and income are regulated by the government

• Traditional Economy

• Command Economy

• Market Economy

• Mixed Economy

an economy in which the goods and services available are set by consumers and producers, with no government authority or monopoly to intervene

• Traditional Economy

• Command Economy

• Market Economy

• Mixed Economy

an economic system where citizens and the government make economic decisions

• Traditional Economy

• Command Economy

• Market Economy

• Mixed Economy

an economy where traditions, customs and beliefs determine which goods are producer and how they are distributed

• Traditional Economy

• Command Economy

• Market Economy

• Mixed Economy

things that you must have to survive

• needs

• Competition

• factors of production

• costs of production

the contest between business to maximize profits; a rivalry between two or more businesses trying to sell products to the same customer or market

• needs

• Competition

• factors of production

• costs of production

four basic categories of resources used to produce all goods and services, natural resources, human resources, capital resources and entrepreneurship

• needs

• Competition

• factors of production

• costs of production

the total amount of money spent to produce a good or service

• needs

• Competition

• factors of production

• costs of production

someone or something that creates or supplies good or services to customers; may be individual, group, businesses or government

• revenue

• Entrepreneur

• Consumer

• producer

someone or something that purchases goods and services from a producer, may be a individual, group, business or government

• revenue

• Entrepreneur

• Consumer

• producer