Economic Systems
An economic system where there is privatized ownership, limited government interference, and a free market.
Capitalism
If the demand is high, then the supplier has to do what?
Increase supply
What is type of market does America have?
Mixed Economy market
The _____ represents lawmaking that collecting taxes and provides services to individuals and businesses
Government
how are changes in demand managed?
economic curve shifts
Fascism
An economic and political ideology where everyone is equal. Social classes don’t exist and the government controls the production of factories, land, and resources. The government also controls healthcare, education, pensions, and income.
Communism
If the price of a car falls, manufacturers are likely to make ____ cars.
fewer
A desire for consumers to purchase goods and services for a specific price.
Demand
Along a supply curve, if the price of a certain good falls, what will happen to the quantity of the good supplied?
It will decrease.
When the price of a good increases, the demand ___.
decreases