Factors of production
Raw materials used to produce goods
Natural recources
A institution/company that provides goods and services to consumers
Business
Primitive trading and bartering for goods/services
Traditional economy
Skills, knowledge and effort people provide
Human resources
Market is controlled by a higher power/government who sets goals and limits
Command economy
A person who buys goods/services from businesses
Consumer
Buildings, materials, and equipment used to create goods/services
Capital resources
Economic decisions are made by the market based on supply and demand
Market economy
The initiative to improve goods and services
Entrepreneurial resources
People employed and paid by businesses
Wage earner
A combination of market economy and command economy
Mixed economy