Introduction to Economics & Types Unit 1 K of Economies

Front

What type of economy is also called a free enterprise system?

Back

Market

Front

On organized way in which a nation chooses to use its resources to create goods/services.

Back

Economic systems

Front

One in which economic decisions are based on a society's values, cultures and customs.

Back

Traditional Economy

Front

A science that examines how goods and services are produced, sold, and used.

Back

Economics

Front

These are always limited. Individuals, businesses, and government must decide on how to use these.

Back

Economic resources

Front

These are economic resources a nation uses to make goods and services for its population.

Back

Factors of Production

Front

The willingness and ability to start new businesses

Back

Entrepreneurship

Front

People who start a new business or purchase an existing business.

Back

Entrepreneur

Front

The work performed by people in an organization.

Back

Labor

Front

All tools, equipment and machinery used to produce goods or provide services.

Back

Capital