Relacionar Columnas Economic Systems ReviewVersión en línea Match the term/concept with its description por Chris McCormick 1 INNOVATION 2 COMPETITION 3 FACTOR PAYMENTS 4 PROFIT 5 ECONOMIC QUESTIONS 6 REDISTRIBUTION OF INCOME 7 MIXED ECONOMY 8 LAISSEZ FAIRE 9 PLANNED ECONOMY 10 INCENTIVE 11 STANDARD OF LIVING 12 PRODUCT MARKET 13 FREE MARKETS the struggle among producers for consumers' dollars; encourages lower prices an economic system where consumers and producers make decisions economic system where government decisions dominate in many socialist systems, income is directed away from higher earners and given to those based on need a phrase that means let people do as they choose; government is "hands off" what to make, how to make it and for whom to make it the money a firm keeps after satisfying all its factor payments or input costs money a firm pays for input costs or the factors of production (capital, land & labor) using new technologies or ideas the part of the circular flow model where goods and services are bought and sold a country's level of wealth and quality of life private property and ownership of the factors of production with some government involvement; most countries have this type of economy a penalty or reward that motivates a person's behavior
Crear