Economic Systems
An economic system in which decisions are made in the marketplace according to the laws of supply and demand
Market economy
Definition:
Materials that are raw and from the environment used to produce goods.
Natural Resources
The amount or quantity of goods and services that consumers are willing to buy at various prices
Demand
what are some needs
ex. food, clothes, water
A combination of command and market economy
Mixed
Knowledge and efforts that humans provide
Human resources
when the amount of supply and demand are the exact same?
Equilibrium
whats the difference between needs and wants
(answer varies)
A system in which a central authority such as the states makes the key economic systems
Command
The initiative to improve goods and services or create new ones
Entrepreneurial
What are services and goods that are provided and set at a price
Supply
what are some wants of yours
A system where resources are privately owned
Capitalism
when the quantity supplied is higher than the demanded amount.
Surplus
What is it called when an individual wants something but only for themselves?
Private wants
Decisions are made based on traditions
Traditional Economy
What is known as a shortage or limitation of certain products?
Scarcity
When something is wanted by a population/society
Public wants