Economics

Relationship between the quantity of a commodity that producers wish to sell at various prices and the quantity that consumers wish to buy.

• Scarcity
• Supply and Demand

Quantity means

• best item
• the amount

What is a commodity?

• a product
• a bathroom facility

If a resource is scarce

• there is a shortage and unlimited wants in a world of limited resources
• to be extremely rare and expensive

The study of how people make decisions given the resources that are provided to them.

• Economics
• Command Economy

The voluntary exchange of goods and services without any government intervention.

• Market Economy
• Traditional Economy

Produces a variety of goods and services, as well as supports new ideas, services and goods.

• Advantages of a Market Economy
• Advantages of Command Economy

Doesn't always provide the basic needs to everyone in a society (the weak, sick, disabled, or elderly).

• Disadvantage of Traditional Economy
• Disadvantage of Market Economy

What type of economic system does the US have?

• Market
• Command
• Traditional 

If supply of a product is limited, but demand is high, how would the price be affected?

• It would go up
• It would go down