The document discusses the four main factors of production: capital or capital goods, land/resources, labor, and management. It also briefly defines and compares traditional, command, market, and mixed economies. A traditional economy relies on tradition with little modern technology, while a command economy has the government control production. A market economy uses supply and demand with private ownership, and a mixed economy blends market and command systems.

1. Factors of Production
-Capital or Capital Goods---the
money or tools needed to produce
goods/services
-Land / Resources– the natural
resources needed to produce
goods/services

2. Factors of Production
-Labor– the work required to
produce goods/services
-Management—the decision making
process that is involved in
producing goods/services

3. Traditional Economy Advantages Disadvantages
- -
-economy where people
supply most of the
goods and services
they use
-many things are done
by tradition
-usually in places of
little modern
technology

4. Command Economy Advantages Disadvantages
- -
-economy where the
government controls
the factors of
production
-Government makes all
decisions

5. Market Economy Advantages Disadvantages
-individuals make all - -
economic decisions
according to supply
and demand
-laissez-faire
economics
-also called free
market, free
enterprise, or
capitalism
-competition and
supply and demand
determine the
economy-----the
“invisible hand”

6. Mixed Economy Advantages Disadvantages
- -
-a mixing together of
market and command
systems
-individuals have
economic freedoms
-government retains
some control for
benefit of citizens