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Economic Systems
Goods and services
Factors of production
GDP
Circular Flow Model
100
The economic system that allows the most freedom for business and consumers
What is a MARKET or Free Enterprise economy.
100
a doctore performs this
What is a medical service?
100
Odly, In economics a tree is considerd____
What is land?
100
This part of the GDP formula is responsible for at least 1/3 of GDP
What is consumption or consumer spending?
100
they provide land capital labor and entrepreneurs
What is an individual?
200
The government determines which products are made and sold
What is a command Economy
200
A machine is an example of a______good
What is durable?
200
A factory is an considered
What is a capital good?
200
We subtract this from GDP
What is imports?
200
Provides goods and services to individuals
What is Product Market?
300
What a boring system, Everything is always the same.
What is a traditional system?
300
Food is an example of a__________good
What is non durablegood?
300
They are the driving force in a market economy
What is an entrepreneur?
300
They build roads, bridges and schools
What is Government?
300
Provides goods and services to the product market
What is Business?
400
Entrepreneurs would hate this economy
What is a command system?
400
Talking to a psychiatrist
What is a service?
400
people and their efforts, abilities and skills
What is labor?
400
These might be sold in China and India
What is Exports?
400
Product markets provide this to Business
What is Business Income?
500
Consumer is king and business better listen.
What is a market or free enterprise economy?
500
You might get hungry without this type of good
What is a non durable good?
500
all gifts of nature
What is land?
500
Businesses investing in factories is an example of
What is capital investment?
500
Individuals do this to get products and services from Product markets
What is Consumer Spending