Flashcard on Economic Resources

Front

What are natural resources?

Back

Materials or substances such as trees, land, and crops

Front

Which of the following is an example of labor resources? Rice, Store manager, Investment money, Tools and factories

Back

Store manager

Front

What are capital resources?

Back

Man-made resources like tools and factories

Front

Who are entrepreneurs?

Back

Individuals who take risks to create new products and services

Front

What is a command economy?

Back

An economic system where the government makes all decisions

Front

What is a market economy also known as?

Back

Free enterprise

Front

In a socialist (mixed) economy, who controls some industries?

Back

The government

Front

What characterizes a traditional economy?

Back

Focus on family and trade