economic systems
Bartering is used in which system ?
Traditional
yes
why is demand important in economics?
because together they determine the prices and quantities of most goods and services available in a given market.
There is a................relationship between
price and quantity demanded
Negative
There no innovations
Command Market
What are the 3 most common economic systems?
free market, command, and mixed.
When the quantity demanded and the quantity supplied meet, the price is called
the equilibrium price.
what is the definition of supply?
a stock of a resource from which a person or place can be provided with the necessary amount of that resource
Mention three other names for Command Economy
Communis - centrally planned - socialism
What are the 4 main types of economic systems?
free Market Economy, Command Economy, Traditional Economy, Mixed Economy.
what is demand?
economic principle referring to a consumer's desire to purchase goods and services and willingness to pay a price for a specific good or service.
what is supply of a product?
the quantity of a product available in the market for sale at a specified price at a given point of time.
Mention Two other names for Free Market Economy
Market - capitalism
what economic system is best?
mixed market.
one arrow goes up & one goes down
Who am I?
Demand curve
Two arrows go up or down
Who am I?
Supply Curve
What are the economic questions ?
•What goods and services to produce?
•How to produce the goods and services?
•Who will get the goods/services?
what does economic systems mean?
An economic system is a means by which societies or governments organize and distribute available resources, services, and goods across a geographic region or country.
what does the Curve of demand is?
The higher the price, the fewer consumers
will buy an item.
The lower the price, the more consumers
will buy an item.
What is the basic law of supply?
higher price will induce produces to supply a higher quantity to the market.