Social 9: Ch6: Economic systems

Front

What causes scarcity?

Back

Unlimited wants/needs and limited resources

Front

Are land, labour, and capital unlimited resources?

Back

No

Front

Which resource is this: All the materials found in the natural environment needed to produce goods and services, such as water, trees oil.

Back

land

Front

Which resource is this: physical and mental effort needed to produce goods and services (example: agriculture workers to produce food)?

Back

labour

Front

Which resource is this: the money that people use to invest and make more money?

Back

capital

Front

______________ is about producing things people want. It involves producers.

Back

supply

Front

_______________is about what people want. It involves consumers.

Back

Demand

Front

What happens when the supply of a product can meet the demand of a product?

Back

there is a state of equilibrium in price.

Front

When price goes up, what happens to demand and supply?

Back

Demand will go down, while supply will go up.

Front

When demand goes up, what happens to supply and price?

Back

Supply will go down, while prices will go up.