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3_skincamp_economy?

chapter 3 vocab

QuestionAnswer
What is economy? the organized way a nation provides for the needs and wants of its people.
what are the four factors of production? Land, Labor, Capital, and Entrepreneurship.
what is scarcity? forcers nations to make economic choices.
how does traditional, market, command, and mixed economies answer the three basic economic questions Traditional- based on cultural and religious ideas, Market- no government involvement, Command- system in which a country's gov't makes economic decisions
Examples of various economic systems. Traditional, Market, Command.
What are resources? All the things used in producing goods and services.
What are factors of production? The term economists use to talk about resources.
What is infrastructure? The physical development of a country.
what is entrepreneurship? skills of people who are willing to invest their time and money to run a business.
Created by: vhaun
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