Economic Systems
In this economy, economic decisions are made in the marketplace according to the laws of supply and demand.
Market Economy
The means to produce goods and services. Broken up into land, labor, capital, and entrepreneurship.
Factors of Production
When the quantity demanded compared to the quantity supplied meet, it is called the...
Equilibrium price
A shortage of resources.
Scarcity
What is Mr. Laravia's favorite color?
Red/black
Due to___________, every nation needs an economic system.
Limited Resources
These resources are used to produce goods and services like buildings, materials, and equipment.
Capital Resources
The amount a customer is willing to pay for a product or service.
Price
Whenever a society gives up an opportunity to use a resource for something else, what they miss out on is....
Opportunity Cost
What is Mr. Laravia's favorite food?
Pizza
The state typically takes care of people’s needs being met, where the marketplace takes care of people’s wants.
Mixed Economy
All raw materials found in nature.
Natural Resources
This is determined by consumers. It is the amount or quantity of goods and services that consumers are willing to pay at various prices.
Demand
In most societies people can buy as much as they can afford to buy. Meaning goods and services that you can have directly relate to your...
Income/Money
Where did Mr. Laravia go to high school?
Franklin Academy
In this economy, a central authority makes decisions, usually the government or state.
Command Economy
The knowledge, efforts, and skills people bring to their work.
Human Resources
How much or how many of something there is.
Quantity
Daily Double
The shipyard in Venice is an example of the first what?
Who is most known for this system?
Assembly Line
Henry Ford
What Masters degree is Mr. Laravia in school for?
Accounting
These entities affect economies by inventing new products that use available resources.
Businesses
To meet changing wants and needs of people requires this.
Entrepreneurial Resources
The amount of goods and services that producers will provide at various prices.
Supply
This natural, non renewable resource that is heavily involved in technology progression is becoming scarce.
Lithium
If Mr. Laravia could have a super power what would it be?
Anything fire based