Ch 1 Lesson 3

2. A society's way of coordinating the production and consumption of goods and services
4. An economic system in which both the government and individuals play important roles in production and consumption
6. An economic system in which the means of production are mostly privately owned and operated for profit
7. An economic system in which economic decisions are left up to individual producers and consumers

1. The fairness with which an economy distributes its resources and wealth
3. An economic system in which decisions about production and consumption are made by a powerful ruler or government
5. An economic system in which decisions about production and consumption are based on custom and tradition
6. Income earned when an individual sells or rents a factor of production that he or she owns