You Define Me
Is the study of how BEST to satisfy unlimited needs and wants with limited resources.
Economics
Who turns economic resources into factors of production?
Producers
In this economic system consumers decide what is produced by the purchases they make; businesses make production and distribution decisions; there is no government regulation.
Market
Every economic system answers three questions: What is produced? How it is produced? and this one...
For whom it is produced?
This is the economic problem of having unlimited needs and wants in a world of limited resources.
Scarcity
Who buys goods and services to sell to the end users to consume?
Distributors
In this economic system, the government controls which goods and services to produce, the production and distribution method, and the prices of the goods and services.
Command
Who owns the factors of production in a COMMAND economy?
The Government
These create the way a society uses resources to produce and distribute goods and services to consumers.
Economic Systems
Who buys goods or services to use or consume?
Consumers
In this economic system there are elements of both the market and command economies including some government regulation.
Mixed
Type of economic system in the Philippines
Market
What Land, Labor, Capital, and Management / Entrepreneurship become when they are used to turn economic resources into goods and services
Factors of Production
Father of Economics who believed in the Invisible Hand.
Adam Smith
In this mixed economic system production output is shared equally by all and the government provides social and wellness services to all citizens.
Socialistic
What leads to better, less expensive products in a capitalistic economy? It is also seen at big sporting events.
Competition