Economic Systems
"Individuals" decide what to produce and how much to produce
Free Enterprise (Free Market, Market, Capitalist)
Humans that do the physical and mental work
(Land/Natural, Capital, Labor, Entrepreneurs)
Labor/Workforce/Human Resources
How much of an item or good that consumers want to buy
Demand
Beds, clothes, books, jewelry, and cars
Goods
Shared beliefs, values and behaviors of a group of people
Culture
System where the government gets involved only to protect the consumers (this is the system that is found in the U.S.)
(Capitalism, Socialism, Communism, Mixed)
Mixed Economy
People that organize the factors to create a company, they are behind the MONEY!
(Land/Natural, Capital, Labor, Entrepreneurs)
Entrepreneurs
How a society organizes what to make, how to make it and how to distribute it
(This is the definition, I need the term)
Economy
What is it called when a company produced more goods than they could sell
Surplus
Study of the earth and it's physical features
Physical features
Jett starts a business power washing driveways. He does a good job, he is in high demand and starts charging more than he did when he started. What type of Economic system is this?
(Capitalism, Socialism, Communism, Mixed)
Capitalists (Free Market, Market)
Money and items bought by companies that help get work done
(Land/Natural, Capital, Labor, Entrepreneurs)
Capital Resources
The government owns a stake in some of the nation's main businesses. But the citizens pay taxes and are given access to it's products. What type of economy is this.
Socialism
Activity that is done for someone else (Uber, Hair Stylist, Mechanic)
Service
Study of how humans interact with the physical features around them
Human Geography
You go to the store for eggs and the manager tells you they are sold out for the week. The government only allows 50 dozen eggs, per store to be sold each week. What type of economy is this?
(Capitalism, Socialism, Communism, Mixed)
Communist (Command)
Land and extracted resources from the earth (Raw Materials)
(Land/Natural, Capital, Labor, Entrepreneurs)
Natural Resources
GDP, GDP Per Capita, Literacy Rate and Life Expectancy are examples of what? (Two Words)
Economic Indicators
When a resource is in limited or short supply.
Scarcity
Political system that guides a region
Government
People struggling to by the goods they might need is a disadvantage of which type of economy.
(Capitalism, Socialism, Communism, Mixed)
Capitalists (Free Market)
Everything from start to finish, needed to create a good or provide a service
Factors of Production
The amount of a product or service that producers have to sell / make.
Supply
Supply and demand determines market price, what type of economy is being described? (Economic System)
Free Enterprise (Market, Capitalism, Free Market)
Roads, Bridges, and the framework of a region that is necessary for it operation
Infrastructure