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Economic Systems
How does an Economy Work
100
the organized way a nation provides for the needs and wants of its people
What is Economy
100
nations must answer three basic questions when deciding how to use their litmited resources.
how does an economy work
200
all the things used in producting goods and services
What is Resources
200
in what kind of econmy traditions and rituals answer the basic questions of what how and for whom
traditional economy
300
Economist use this term when they talk about resources. comprised of four categories land labor capital entrepreneurship
What is factors of production
300
in a _______ there is no goverment involvement in economic decisions.
What is market economy
400
includes everything contained in the earth or found in the seas ; refers to all the people who work ;includes money to start or operate a bussiness
What is land,labor, and capital
400
a ______ is a system in which a country's goverment makes economic decisions and decides what, when, and how much will be produced and distributed
What is command economy
500
the physical developement of a country : roads,ports,sanitation facilities, and utilities, especially telecommunications
What is infrastructure