Types of resources
What are natural resources?
Raw materials from nature used to produce goods.
What is a command economy?
A system in which a central authority such as the states makes the key economic decisions.
What is supply?
The amount of goods and services that producers will provide.
What does the demand curve mean?
How much people will want.
Is a dog a need?
No.
What are entrepreneurial resources?
The initiative to improve goods and services or create new ones
What is a market economy?
An economic system in which decisions are made in the marketplace according to the laws of supply and demand.
What is demand?
The amount of goods and services that consumers are willing to buy at different prices.
What does the supply curve mean?
How much companies are willing to supply.
Is food a need?
Yes.
What are human resources?
The knowledge, efforts, and skills people provide.
A combination and command and a market economy.
What does surplus mean for supply and demand?
Supply is greater than demand.
What does the top half represent?
Surplus.
Is water a need?
Yes.
What are natural resources?
Raw materials from nature used to produce goods.
What is a traditional economy?
Tradition and custom govern decisions.
What does shortage mean for supply and demand?
Demand is greater than supply.
What does the bottom half represent?
Scarcity.
Are new clothes a need?
No, as long as you already have clothes.
What are resources?
Things needed to make or produce a product.
What do economic systems determine?
What is made, how it is made and for who?
What does equilibrium mean for supply and demand?
Supply is equal to demand.
What is the equilibrium represent.
When supply is equal to demand.
Is a phone a need?
Yes, for kids over 11-10.