SS Unit 8 Flashcards
1
Q
What are resources
A
Any useful item in the world
2
Q
What are goods
A
Anything produced or made
3
Q
What what is production
A
Combining of resources to make goods or provide services
4
Q
What is capitalism
A
System where the people make economic decisions
5
Q
What is competition
A
Fighting for the consumers business
6
Q
What are incentives
A
Things that incite or motivate a person to do something
7
Q
What is a traditional economy
A
Economic decisions Are based on custom and historical precedent
8
Q
What is a command economy
A
Centrally planned economy; government owns all property
9
Q
What is free market economy
A
Private ownership with little government
10
Q
What is mixed economy
A
Individuals have ownership in private sector
11
Q
What is private property
A
Individuals can own items without government
