Economics CCA Flashcards
Market system with high level of government interference.
Command system
economic decisions are made according to culture
traditional economy
Supply and demand determines the price of goods and what to produce.
Market/Free Enterprise system
Government controls some industries, and people are allowed to own private businesses. Both people and governemnt have a part.
Mixed Economy
driven by competition with zero government interference.
Market Economy
a person who owns a business
entrepreneur
a person who purchases goods/services
consumer
Resources created by people to help produce other things such as pizza boxes, forks, tractor etc.
capital resources
factors of production (CELL)
Capital, entrepreneur, land, labor
growing crops, raising livestock
agriculture industry
Actions that people perform for others for payment such as mowing lawns, nail salon.
services
shopping- can be online or in store.
retail industry
creating a finished product from raw materials
manufacturing
coal, iron, minerals
examples of land
four types of industry
Agriculture, Retail, manufacturing, service
