Vocabulary
Money earned or taken in by a business that is in excess of the funds invested in operating the business.
What is profit?
Greed based system puts profit before people.
What is a Market Economy?
This country has a capitalist economy. You live here.
What is the United States?
Refers to all natural resources.
What is Land?
An economic system in which private citizens own and use the factors of production in order to generate profits.
What is Capitalism?
Sharing is a big part of this type of economy.
What is a Traditional Economy?
This country has a socialist economy. It starts with a "V".
What is Venezuela?
Refers to physical and mental talents.
What is Labor.
An economic system in which the government owns the basic means of production, distributes products and wages, and provides social services such as health care and welfare.
What is Socialism?
North Korea is the only country left with this economy.
What is a Command Economy?
In this country enterprises are state owned and state operated.
What is Russia?
Refers to money.
What is Capital?
An economic system in which the factors of production are collectively owned and the central government directs all major economic decisions.
What is Communism?
Federal, state, and local governments make laws regulating some areas of business.
What is a Mixed Economy?
In this country the government encourages international trade.
What is Singapore?
Examples are tools, machinery, inventory, transportation, etc.
What is Capital.
The exclusive right of an inventor to manufacture, use, and sell his or her invention for a specific period.
What is Patent?
Most property and resources are privately owned, the law protects it.
What is a Capitalist Economy?
In this country all education and health care is paid for by the government.
What is Sweden?
Makes business decisions, the innovator, takes the risk.
What is Entrepreneurial Ability?