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