APPLIED ECONOMICS

This refers to all natural resources used to produce goods and services.

• Land

• Capital

• Labor

• Entrepreneurs

Refers to the physical and mental components of human resources that contribute to the conversion of all raw materials into finished and consumable goods.

• Land

• Labor

• Capital

• Entrepreneurs

As a factor of production, is referred to in economics as finished goods used to produce other goods.

• Land

• Labor

• Capital

• Entrepreneurs

Are part of the human resource who are experts in the management of production resources or the factors of production.

• Land

• Capital

• Entrepreneurs

• Labor

An economic system which allows the government to manage and control the major and key industries, while the rest are left for the private to manage or acquires.

• Socialism

• Capitalism

• Communism

• Mixed Economy

The system is characterized by the presence of private ownership of the different means of production and the presence of a government which is in control of the implementation of the fiscal and monetary policies.

• Mixed Economy

• Traditional Economy

• Communism

• Capitalism

This system is characterized by the private ownership and control of most resources in order to maximize its utilization.

• Capitalism

• Traditional Economy

• Communism

• Mixed Economy

This system is very common in developing economies, where decisions are based on customs, belief, and practices handed down from one generation to another.

• Traditional Economy

• Capitalism

• Communism

• Mixed Economy

It is the process of creating goods and services, and the conversion of raw materials into finished or consumable goods.

• Exchange

• Distribution

• Production

• Consumption

Refers to the manner or the factor owner gets as his/her share from the production income, whenever the factor of production used in the production process.

• Production

• Distribution

• Exchange

• Consumption