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