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Command EconomyEconomic SystemFactors of ProductionGoodsMarket EconomyMixed Economy
This is the term used to describe economic systems in which the basic economic questions are answered based on a socially, pre-established way.
economic system characterized by a central authority which makes major economic decisions
This is an economy in which the government has little to say about what, how, and for whom goods are produced; the factors of production are privately owned
This is a free enterprise system with some government involvement.
In economic terms, this is a product that can be used to satisfy a want or need.
In economic terms, this is something that someone does for you, like give you a haircut or teach you social studies.
land, labor, capital, and entrepreneurship
This is the way in which a society deals with the production, distribution and consumption of goods and services