Economic Systems
Factors of Production
Supply and Demand
Needs v.s. Wants
100

An economic system in which decisions are made in the marketplace according to the laws of supply and demand

Market economy

100

Definition: 

Materials that are raw and from the environment used to produce goods. 

Natural Resources

100

The amount or quantity of goods and services that consumers are willing to buy at various prices

Demand

100

what are some needs

ex. food, clothes, water

200

A combination of command and market economy

Mixed

200

Knowledge and efforts that humans provide

Human resources

200

when the amount of supply and demand are the exact same?

Equilibrium

200

whats the difference between needs and wants

(answer varies)

300

A system in which a central authority such as the states makes the key economic systems

Command

300

The initiative to improve goods and services or create new ones

Entrepreneurial

300

What are services and goods that are provided and set at a price

Supply

300

what are some wants of yours

(answer varies)
400

A system where resources are privately owned

Capitalism

400

when the quantity supplied is higher than the demanded amount.

Surplus

400

What is it called when an individual wants something but only for themselves?

Private wants

500

Decisions are made based on traditions

Traditional Economy

500

What is known as a shortage or limitation of certain products?

Scarcity

500

When something is wanted by a population/society

Public wants

M
e
n
u