Factors of Production
This factor includes natural resources like water, soil, and minerals.
What is Land?
This term defines when a country has limited resources compared to unlimited wants.
What is Scarcity?
Traditions and customs guide decisions in this system.
What is a Traditional Economy?
The phase of the Business Cycle when the economy is growing and unemployment is low.
What is Expansion?
When the government takes over private businesses.
What is Nationalization?
This factor refers to workers and human effort.
Each country and its economy must decide these three basic questions regarding the use of their resources.
What is "What to Produce, For Whom to Produce, and How to Produce?"
Consumers drive production in this system.
What is a Market Economy?
The lowest point of economic activity in the Business Cycle.
What is the Trough?
Private ownership and competition define this system.
What is Capitalism?
Buildings, machines, and tools used to make goods are this factor.
What is Capital?
Laws about minimum wage are examples of this government role.
What are Regulations?
The government controls production in this system.
What is a Command Economy?
A period of economic slowdown lasting at least six months.
What is a Recession?
This philosophy aims for a classless society where goods are shared.
What is Communism?
The four factors of production together are known by this collective term.
What are Economic Resources?
Nations must answer the three basic economic questions because their resources are ... this.
What are Limited?
In this system, individuals own the means of production and compete.
What is a Market Economy?
The phase of the Business Cycle when economic growth resumes after a recession.
What is Recovery?
Increased government involvement with social services.
What is Socialism?
This factor involves risk-taking and organizing resources to start a business.
What is Entrepreneurship?
This term describes roads, ports, and utilities that support business.
What is Infrastructure?
Most countries use this combination of Economic Systems.
What is a Mixed Economy?
The highest point in the Business Cycle before a slowdown begins.
What is the Peak?
The process of government selling businesses to private owners
What is Privatization?