Economic Systems & Supply & Demand

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

• scarcity
• economics
• natural resources
• capital resources

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

• entrepreneurial resources
• economics
• human resources
• capital resources

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

• capital resources
• economics
• human resources
• entrepreneurial resources

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

• economics
• market economy
• scarcity
• mixed economy

Goods produced and used to make other goods and services.

• natural resources
• human resources
• entrepreneurial resources
• capital resources

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

• market economy
• traditional economy
• mixed economy
• socialist economy

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

• Command
• Market
• Traditional
• Socialist

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.

• Command Economy
• Market Economy
• Mixed Economy
• Traditional Economy

A disadvantage to the Mixed Economy is

• a balance of needs & wants are met.
• citizens have to pay taxes.
• marketplace takes care of people's wants.
• government takes care of people's needs.

A supply & demand graph 

• would show changes in a products demand or supply.
• is a visual representation of supply & demand.
• can predict the performance of the product over time.
• all of the answers are correct