Economics Overview and Systems

A social science that studies the allocation of scarce resources to satisfy unlimited wants and needs.

Limited resources available to satisfy unlimited wants and needs.

The endless desires and needs of individuals and society.

An economic system where private individuals and businesses own the means of production and decide how to use them.

The condition where most desired things are limited in supply.

The right of individuals to own property and inherit it.

Individuals' right to earn and manage profits.

The freedom of individuals to choose how to run a business.

An economic system where the government owns all resources and makes all production decisions. Private property, profits, and business decisions are not allowed.

Anything—a physical product or service—that satisfies a need and has a market price.

The value of the next best alternative that is given up when making a choice.

Determining what goods and services the economy should make based on consumer demand.

Deciding how many goods and services to make based on consumer demand.

Methods and processes used to create goods and services.

Determining who gets the goods and services produced.

An economic system that combines elements of both private enterprise and government control.

A type of economic system that combines the features of different economic systems (e.g., capitalism and socialism) to use their strengths.

An economic system where private individuals own most businesses and decide what to produce.

An economic system with a focus on collective ownership and a centrally planned production method.

An economic system usually with government-controlled industries for the good of society.

Natural resources used for production, like land and raw materials.

Human efforts and skills used for production.

A place or platform for buyers and sellers to interact and trade goods and services.

The market where goods and services are traded.

Durable goods used to produce other goods, including buildings, machinery, and technology.

The quantity of a good buyers are willing and able to purchase at various prices.

A table showing different quantities demanded at various prices.

A mathematical expression showing how quantity demanded depends on factors like price.

Producing more and better goods & services to improve living standards.

Having jobs for all who want and are able to work.

The quantity of a good sellers are willing and able to offer at various prices.

Organizing resources (land, labor, capital) to create a product or service.

The study of individual economic units like households, firms, and industries.

The study of the entire economy, including output, income, prices, and unemployment.

A table showing the quantities of a good or service sellers are willing to offer at different prices.

Factors other than price that influence the supply of a good or service.

Economic provisions for those unable to earn a minimum income (e.g., elderly, disabled)