Introduction to Economics & Types of Economies

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

• Command

• Market

• Traditional

• Mixed

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

• Economic systems

• Traditional economy

• Command Economy

• Mixed Economy

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

• Mixed Economy

• Traditional Economy

• Market Economy

• Command Economy

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

• Economy

• Economics

• Economic Resources

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

• Economic resources

• Factors of Production

• Market Forces

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

• Economic Resources

• Factors of Production

• Market Forces

• Economic Problem

What are the four factors of production?

The willingness and ability to start new businesses

• Entrepreneurship

• Entrepreneur

• Business Owner

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

• Entrepreneurship

• Entrepreneur

• Business Owner

What are the three economic problems?

• Scarcity

• Tradeoff

• Opportunity Cost

• Labor