A system in which the government controls all factors of production, distribution, and marketing.
What is a command economy
100
Human effort directed at production of a good or service
What is labor
100
What the consumer pays for a good or service.
What is price
100
Rivalry among producers is called:
What is competition
100
A circular flow chart that shows the relationships between different economic groups in a market system.
What is circular flow of input and output.
200
A system in which customs and beliefs shape the economy, where jobs and production are passed down through tradition.
What is a traditional economy
200
Gifts of nature or natural resources used in production.
What is land
200
What the seller charges for a good or service.
What is cost
200
Central government planners undertake the planning of resource use and marketing on behalf of all citizens in
What is centralized or command market systems
200
Founder of classical economics who wrote The Wealth of Nations.
What is Adam Smith
300
A system in which individuals determine factors of production based on the choices that best serve their businesses and family needs.
What is a market economy
300
When individuals take the risks involved in production and start up of a business.
What is entrepreneurship
300
All the money that comes into a business, the gross receipts are called this.
What is revenue
300
Distribution and market planning is undertaken by individuals, businesses, and some government representatives in this system
What is market system, US system
300
Predicted that through revolution existing economic and social structures would be overthrown and the workers would form a more fair and just system for the distribution of wealth and resources.
What is Karl Marx
400
A system combining characteristics of two or more economic systems
What is a mixed economy
400
Previously manufactured goods used in production of another product.
What is capital
400
Cash above costs earned by a business
What is profit
400
The government controls some areas of the economy, and functions within a constitutional framework to regulate markets, finance, and resources.
What is democratic socialism
400
Economic efficiency and individual freedom are hallmarks of this system.
What is capitalsim
500
An economic system in which individuals control the factors of production with minimal government regulation, same as capitalism.
What is free market system
500
The use of science and innovation to develop both new products and methods of production.
What is technology
500
The desire to make money that motivates people to produce and sell goods and services.
What is profit incentive
500
An idealized system in which there is no need for government, the people self-govern, but which in practice means a centralized government controls virtually all aspects of the economy.
What is authoritarian socialism or communism as practiced.
500
Author of Utilitarianism, and the distribution of wealth as according to the laws of society.