Economics Basics

Scarcity = The condition that results from society not having enough resources to produce all the things people would like to have Economist = A person who studies how people satisfy unlimited and competing wants with the careful use of scarce resources Resources = The things that people use to make goods or services Goods = Physical items that are produced or sold

Land = The amount of money/factories available to you for your production Labor = The population that is able to work on that specific item, limited by the number of citizens able to work within a given field Capital = Natural resources that are needed to produce Entrepreneur = The people who start new businesses or bring new products to the market by working with the resources of land capital and labor

Market Economy = centrally operated by the government Command Economy = economic systems in which supply, demand, and the price system help people make decisions and allocate resources Closed Economy = based on traditions or customs of a family or community Traditional Economy = restrict trade with international partners

<p>Supply = the desire, ability, and willingness to buy a product Demand = the amount of a good or service available in a market at a given price Producer = a user of goods and services Consumer = a provider of goods and services</p> Signup and view all the answers

<p>Economics = The study of producing and consuming goods and services Services = tasks that are completed by a company for payment Goods = physical items that are not produced or sold Scarcity = The condition that results from society having enough resources to produce all the things people would like to have</p> Signup and view all the answers

<p>Land = Natural resources that are not needed to produce Labor = The population that is not able to work on that specific item Capital = The amount of money/factories not available to you for your production Entrepreneur = The people who do not start new businesses or bring new products to the market</p> Signup and view all the answers

<p>Market Economy = based on traditions or customs of a family or community Command Economy = economic systems in which supply, demand, and the price system do not help people make decisions and allocate resources Closed Economy = economic systems in which supply, demand, and the price system help people make decisions and allocate resources Traditional Economy = centrally operated by the government</p> Signup and view all the answers

<p>Supply = the amount of a good or service not available in a market at a given price Demand = the desire, ability, and unwillingness to buy a product Producer = a user of goods and services Consumer = a provider of goods and services</p> Signup and view all the answers

<p>Economics = The study of not producing and consuming goods and services Services = tasks that are not completed by a company for payment Goods = physical items that are not produced or sold Scarcity = The condition that results from society having enough resources to produce all the things people would like to have</p> Signup and view all the answers

<p>Land = The amount of money/factories available to you for your production Labor = Natural resources that are needed to produce Capital = The population that is able to work on that specific item, limited by the number of citizens able to work within a given field Entrepreneur = The people who do not start new businesses or bring new products to the market</p> Signup and view all the answers