Economic Systems and Factors of Production

Limited government involvement while applying free market concepts.

• Traditional

• Command

• Market

• Mixed

People do not decide what to sell or how much to charge for it.

• Traditional

• Command

• Market

• Mixed

Which factor of production?

Café Owner

• Land

• Labor

• Capital

• Entrepreneur

Little change or innovation.

• Traditional

• Command

• Market

• Mixed

Government dictates how goods will be distributed.

• Traditional

• Market

• Mixed

• Command

Factors of production depend on customs, history, beliefs & values.

• Traditional

• Command

• Market

• Mixed

Individuals & entrepreneurs control the factors of production.

• Market

• Traidtional

• Command

• Mixed

Which factor of production?

Desks

• Land

• Labor

• Capital

• Entrepreneur

Which factor of production?

Copper Mines

• Land

• Labor

• Capital

• Entrepreneur

Individuals can own businesses, but the government controls most social services.

• Traditional

• Command

• Market

• Mixed