Laws
People businesses need to hire in order to make products and services.
Wage Earner
What are Land, soil, and minerals known as?
Resources
What is it called when the amount of supply and demand are the exact same?
Equilibrium
A system where the state makes key decisions.
Command Economy
A person who selects, purchases, uses, or disposes of goods and services.
Consumer
What are used to produce goods from nature?
Natural Resources
What are services and goods that are provided and set at a price
Supply
What is something you wish you could have but isn't a necessity?
Wants
A system where key decisions are made in the marketplace to the laws of supply and demand.
Market Economy
What you give up when you make a choice to buy something.
Opportunity Cost
What are the skills/efforts people provide called?
Human resources
The amount of services and goods that people are willing to buy.
Demand
What is it called when an individual wants something but only for themselves?
Private Wants
A combination of a command and market economy.
Mixed Economy
If the price is up, the supply goes up.
Law of Supply
What are used to produce goods and services with buildings, materials, and equipment?
Capital Resources
What is known as a shortage or limitation of certain products?
Scarcity
What is it called when a society and a large amount of people want a certain thing?
Public wants
Capitalism
If the price goes up, demand goes down.
Law of Demand
What's the initiative to create and improve new goods and services
Entrepreneurial Resources
What is it called when the quantity supplied is higher than the demanded amount.
Surplus
What are tangible and physical materials known as?
Goods
A system where decisions are made by the government traditionally. (farming, hunting, gathering)
Traditional Economy