Economic Systems

arrange (a group of people or things) in classes or categories according to shared qualities or characteristics.

• classify

• generalization

• catagorization

• goods

a broad statement or an idea that applies to a group of people or things. Oftentimes, not entirely true, because there may be examples of individuals or situations wherein it does not apply.

• application

• broadness

• classification

• generalization

a material that satisfies human wants and provides utility, for example, to a consumer making a purchase. A common distinction is made between them and services is that they are tangible property

• wants

• needs

• goods

• services

the performance of any duties or work for another; helpful or professional activity. activity that is intangible, is not stored and does not result in ownership

• wants

• needs

• goods

• services

inputs needed to produce a good or service. There are four factors of production: land, labour, capital and entrepreneurship (also known as human enterprise or innovation).

• goods

• services

• factors of production

• wants

goods or services that are required. This would include the needs for food, clothing, shelter and health care

• goods

• services

• wnats

• needs

the basic economic problem, the gap between limited – that is, not many – resources and theoretically limitless wants. This situation requires people to make decisions about how to allocate resources efficiently, in order to satisfy basic needs and as many additional wants at possible.

• scarcity

• basic economic questions

• free-enterprise

• needs

1. What to produce?

2. How to produce it?

3. How much to produce? 4. Who gets what is produced?

• Economic Reasoning

• Economic Questions

• Economic Timing

• Economic Quartiles

an economic system in which private business operates in competition and largely free of state control.

• Free-Enterprise

• Free-Business

• Command Economy

• Command Business

an economy in which production, investment, prices, and incomes are determined centrally by a government.

• Free Enterprise

• Free Business

• Command Economy

• Business Economy