Economic Systems Flashcards

1

Deals with factors given up by households and paid for with wages or purchases of land

2

Customs and traditions dictate the economy

3

Providing to support those who cannot support themselves.

4

Deals with goods and services created by firms which are brought by the households

5

The government and individuals play roles in production and consumption

6

Fair distribution of society's wealth. Everyone gets a fair share of the economic pie.

7

Freedom to make, buy, or sell goods and services without government interference.

8

Economy depends on decisions made by producers and consumers.

9

Main difference between a market economy and a mixed economy

10

Government makes all the decisions

Economic Systems