Economic Systems & Supply & Demand

Front

This studies how individuals and societies seek to satisfy want & needs through incentives, choices and allocation of resources.

Back

economics

Front

The initiative to improve goods & services or create new ones is..........

Back

entrepreneurial resources

Front

The knowledge, efforts, and skills people bring to their work, also known as labor.

Back

human resources

Front

This exists when wants exceed resources available to satisfy those wants.

Back

scarcity

Front

Goods produced and used to make other goods and services.

Back

capital resources

Front

This is where people believe in doing things the same as they have always been done.

Back

traditional economy

Front

This type of economy is run by a central government or authority. Examples are: China, Cuba, France, Sweden

Back

Command

Front

Most nations have this type of economy.  In it, the marketplace takes care of people's wants and the government takes care of their needs. The U.S. has this type.

Back

Mixed Economy

Front

A disadvantage to the Mixed Economy is: citizens have to pay taxes.

Back

citizens have to pay taxes.

Front

A supply & demand graph

Back

is a visual representation of supply & demand, shows changes in a product's demand or supply, and can predict the performance of the product over time.