Free Market Economy
Consumers demand?
Things they want (Sale/Price)
Bad Government=?
Bad Economic system
What is Labor?
This factor of production involves human effort, skill, and knowledge used in the creation of goods and services.
How many forms of businesses are there?
Three
Economic System
An organized way to provide for the wants and needs of society
Producers sell for?
They sell for profit
The examples of a bad Government
Centralized decision-making, and ignoring societies wants and needs
What is Capital?
This factor refers to the tools, machines, buildings, and other equipment used to produce goods and services.
Sole Proprietorship
Business owned and run by One person
Traditional economy
An economic system in which basic economic activity stems from ritual, habit, or custom
Free market economy=?
Freedom to buy sell, produce what they want with some restrictions
Command economy=?
Associated with totalitarianism, communism, fascism, and dictatorship
Factors of Production
They are the inputs used to produce a good or service to produce income
Partnership
Business jointed owned by two or more people
Command Economy
An economic system in which basic economic decisions are made by a central authority
Physical Capital =
Physical/Human made
Free markets are driven by?
Driven by consumer spending
What is entrepreneurship
This factor of production involves the risk-taking and organizational skills of individuals or groups to combine the other aspects of production effectively.
Corporation
A form of business recognized by law as a separate legal entity
Market Economy
Economic system in which basic decisions are made by people and firms acting in their own best interest
Two factors of production worker types:
Skilled (specialized), and Unskilled (Simple)
What is the brain of a Command Economy
Central Planning
How many Factors of production are there and what are they?
There are six, they are Land, Capital, Labor, Entrepreneurs, Production, Decision-Making
Form a corporation
File permission to “incorporate” or ask state/federal permission
True or False: All societies use an economic system
True