Economies Market

Specialization is a situation in which people concentrate their efforts in the activities that they do best.

Socialism is a economic system in which the government owns some or all of the factors production.

The Principle that the government should not interfere in the marketplace.

System where leaders, usually members of the central Gov. make all economic decisions is Centrally Planned Economics

Factor Market is...

Systems that require absolute obedience to those in power.

An Economic Sys. in which people produce and distribute goods to customs handed from generation to generation is called?

Are the rights of individuals and to groups to own business and resources.

Competition involves all actions sellers, acting independently, do to get buyers to purchase their product.

Product Market is...

Market Economy is.....

Any place or situation in which people buy or sale product.

Market Economy is a system in which the government makes all Economic Decisions

An Economic Sys. in which the government owns all the factors of production and there is little or no Political Freedom.

The tool that economist use to understand;

Profit is a financial gain that a seller makes from a business transition