Economics Review

The government plans how to use resources and make goods and services.

• Traditional economy

• Market economy

• Command economy

• Mixed economy

People use the resources they have to only make what they need to survive.

• Traditional economy

• Market economy

• Command economy

• Mixed economy

Producers and consumers determine how to use resources and make goods based on supply and demand.

• Traditional economy

• Market economy

• Command economy

• Mixed economy

The country’s market economy has varying amounts of government control.

• Traditional economy

• Market economy

• Command economy

• Mixed economy

Raw materials from the earth

• Capital goods

• Entrepreneurship

• Human capital

• Natural resources

Skills, knowledge, and education of workers

• Capital goods

• Entrepreneurship

• Human capital

• Natural resources

Factories, machinery, and technology

• Capital goods

• Entrepreneurship

• Human capital

• Natural resources

Organization of ideas and resources for production

• Capital goods

• Entrepreneurship

• Human capital

• Natural resources

The total value of goods and services produced in one year.

• GDP per capita

• GDP growth rate

• Gross Domestic Product

• Literacy rate

A country’s GDP divided by its total population.

• GDP per capita

• GDP growth rate

• Gross Domestic Product

• Literacy rate