Economic Systems
How many core economic systems are there?
4
How many factors of production are there.
4
What happens to supply and demand when price increases?
Supply raises and demand lowers.
What is a want?
Something you desire but can live without
What is the quantity of goods and services that consumers are willing to buy at various prices?
Demand
The economic system where a central authority makes the economic decisions.
Command economy
The factor of production that people provide.
Human resources.
What happens to supply and demand when price lowers?
Supply goes down and demand goes up
What is a need?
Something essential to living, quality of life lowers extremely without it.
Amount of goods and services that producers will provide and various prices.
Supply
The system where decisions are made in the marketplace according to the laws of supply and demand.
Market economy
The factor of production that are raw materials from nature used to produce goods.
Natural resources
What is it called when demand and supply are equal?
Equilibrium
List some wants.
Dining out, entertainment, gym memberships, streaming services.
The study of how society chooses to use resources to produce and distribute goods and services.
Economics
The system that uses parts of command and market.
Mixed economy
Things such as buildings, materials, and equipment used to produce goods and services.
Capital resources
What is it called when demand outpaces supply?
Shortage
List some needs.
Water, shelter, food, healthcare, transportation.
The resources used to produce goods and services.
The economic system where people hunt for their food and there is trading instead of currency.
Traditional economy
The factor of production that is the initiative to improve goods and services or create new ones.
What is it called when supply outpaces demand?
Surplus
Do all people have the same wants and needs?
It depends, but usually they are similar.
The shortage of economic resources.
Scarcity