Vocab
The vocab word for the three types of resources used to produce goods and services.
What are the factors of production?
Name the three types of resources.
What are Human, Capital, Natural?
A mix between a command and a market economy.
What is a mixed economy
The vocabulary word for the method that countries use to answer basic economic questions.
What is an economic system?
What is a natural resource?
The three types of economies.
What are Command, Mixed, Market?
The vocabulary word for changing an industry from publicly to privately owned.
What is privatization?
Money is an example of this type of resource.
What is a capital resource?
In North Korea, the state controls all means of production, and the government sets priorities and emphases in economic development. North Korea's economy is an example of this type of economy.
What is a command economy?
The vocabulary word for an economy that is a blend between government involvement in business and private ownership.
What is a mixed economy?
Another name for human resources.
What is labor?
The three main characteristics of a market economy.
What are private property, profit motive, and free, competitive marketplace?