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2.01 vocab
2.02 vocab
types of economies
market place
100
the condition that exists when wants exceed resources available to satisfy wants.
What is scarcity
100
the customer and locations that a business wants to serve.
What is market
100
a economic system that is run by a central government or authority
What is command economy
100
the demand of a product.
What do consumers determine in a free market?
200
goods produced and used to make other goods and services.
What is capital resources
200
how much of a good or service a producer is willing ad able to produce at diffrent prices
What is supply
200
an economy that relies chiefly on market forces to allocate goods and resources and to determine prices
What is market economy
300
"gifts of nature" that are present without human intervention (ex. land)
What is natural resources
300
an individual's neede ro desire for a good or service at a given price.
What is demand
300
an economic system based on state ownership of capital
What is socialist economy
300
the price to decrease as the deamnd is fulfilled
What does more supply cause?
400
the knowledege, efforts, and skills people bring to their work, also known as labor.
What is human resources
400
as prices fall for a [articular good or service, the demand for that item will increase and vice-versa.
What is law of demand
400
a combination of a command and market economy
What is mixed economy
500
the initiative to improve goods and services or create new ones.
What is entrepreneurial resources
500
as the price if a paricular good or service increases, the supply for that item will laso be increased and vice-versa.
What is law of supply
500
the type of economie where people belive in doing things the same as they have always done in the past.
What is traditional economy
500
sees the demand and make more of a product
What do entrupreneurs do in a market place