Econ Final Quiz Terms

Tangible assets that are used in the production of other goods and services, such as machines, buildings, and tools.

The knowledge, experience, training, and education held by individuals.

Materials used in production that are provided by nature, like water, minerals, and trees.

the means through which goods and services are produced

An economic system entirely controlled by a small group of ruling elites in government. This group allocates all available resources.

An economic system in which decisions about production and consumption are driven in part by supply and demand and in part by government command and/or traditional elements, combining two or more types of economic systems.

An economic system that leaves production, consumption, and price decisions largely to consumers and business people with only limited influence by government; also known as a pure market economy. Not currently used by a nation.

"\An economic system in which people rely on traditions or social customs to choose what, how, and for whom to make goods and services.

How will goods and services be produced

A type of taxation where those earning higher incomes pay a higher tax rate (percentage of their income) than those with lower incomes. The U.S. federal income tax is a good example of a progressive tax.

A type of taxation where those with lower incomes pay a higher tax rate (percentage of their income) than those with higher incomes.

A tax for which the percentage of income paid in taxes is the same for all income levels. Also known as a flat tax.

One who identifies an opportunity and takes a risk to innovate or start a business in order to create value and earn a profit.

the concept that people have the right and privilege to control their possessions as they wish

The quantity of goods or services a consumer demands and is willing to buy at a specific price.