SS Task #85 - 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 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 type of economy is run by a central government or authority. Examples are: China, Cuba, North Korea

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

Demand can be best defined as

Back

an individual's need or desire for a good or service at a given price.

Front

When the price is below the equilibrium price, more people are willing to buy a lot of the product.

Back

true

Front

When the price is above the equilibrium price, more people will be willing to buy.

Back

false