economic equity — The fairness with which an economy distributes its resources and wealth.

economic system — A society's way of coordinating the production and consumption of goods and services .

traditional economy — An economic system in which decisions about production and consumption are based on custom and tradition.

command economy — An economic system in which decisions about production and consumption are made by a powerful ruler or government.

market economy — An economic system in which economic decisions are left up to individual producers and consumers.

factor payment — Income earned when an individual sells or rents a factor of production that he or she owns. Wages are factor payments made to workers in exchange for their labor.

mixed economy — An economic system in which both the government and individuals play important roles in production and consumption. Most modern economies are mixed economies.

free enterprise system — An economic system in which the means of production are mostly privately owned and operated for profit.