economics: section 3.1

• natural resources

• labor

• capital

• entrepreneurship

list the 4 factors of production.

information

sometimes listed as a 5th factor of production

traditional

the economy and its rules are based on custom, heredity, and caste

command economy

the centralized authority (government) operates and regulates the economy

• planned

• directed

fill in the blank

command economy is also called ________ or _________

free enterprise

the people of the nation are free to make their own economic decisions

capitalism

fill in the blank

free enterprise is also called ________

mixed economy

a combination of capitalism and heavier government regulation

america

fill in the blank

________ is an example of a mixed economy

full employment

anyone who wants to work has a job (3-4% of the work force is unemployed)

economic security

fill in the blank

one of the government’s main responsibilities is ________ _______ for the life and property of its citizens

conservatives

economic growth over equity

liberals

equity over growth