Econ Systems

Tools we use to make products

• capital resources
• human resources
• natural resources
• entrepreneurs

A person who buys goods and services

• consumer
• entrepreneur
• resource
• currency

Tags

CCSS.RI.8.2

CCSS.RL.11-12.2

CCSS.RL.7.2

CCSS.RL.8.1

CCSS.RL.9-10.2

Individuals who come up with a new idea for a good or service, then they make it a reality

• resource
• human resources
• consumer
• entrepreneur

The resources required to make a product (good or service)

• economics
• consumption
• four factors of production
• scarcity

Something we pay for that we can touch

• goods
• services

Something we use from nature

• natural resource
• human resource
• capital resource
• entrepreneur

The idea that resources are limited; we don't have an unlimited supply of what we want

• scarcity
• supply
• demand
• inflation

Economic system where government controls everything.

• Market
• Command
• Mixed
• Free Enterprise

Economic System where there is limited technology and ideas are passed down from generation to generation

• Command
• Traditional
• Mixed
• Market

Type of Economy that is half command and half market

• Traditional

• Command

• Market

• Socialism