Economic Systems
An economic system where there is privatized ownership, limited government interference, and a free market.
Capitalism
Fascism
These factors influence the supply and demand of a given good or service
What are Supply Determinants?
The price that a good or service can be bought at
What is Market Place?
This law states that the increase in the price of a good or service results in an increase in the quantity of said good or service's supply.
What is the law of Supply?
These factors influence either increase or decrease in the demand of a good or service.
What are Demand Determinants?
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
What is the economic system in which industries are owned by workers rather than private businesses.
Socialism
The number of products a seller is willing and capable to provide.
Supply.
The federal government's spending exceeds its revenues.
Economic deficit
If inches of rain increase, more umbrellas will be bought.
True or False?
True
When supply increases and demand doesn't , prices go _____
Down