Economic systems

A system of producing, selling, and buying goods and services

• Economy

• Demand

• Gross domestic product

When there are not enough resources or goods to meet people's needs

• Profit

• Economy

• Scarcity

• Supply

When choosing to make a purchase you sometimes

• Give up something else you want/have to get it

• trade or barter for it

• buy it and sell it

The tradeoff value of something more desirable

• opportunity cost

• supply

• demand

• profit

the amount of a good or service that businesses are willing and able to produce

• supply

• demand

• profit

• scarcity

the desire that people have to obtain a good or service and the number ready to buy it

• scarcity

• profit

• supply

• demand

the money one has after expenses

• demand

• profit

• scarcity

• opportunity cost

4 main factors needed to produce goods and services

• natural resources

• captial

• labor

• entrepreneurs

• all of above

raw materials needed to produce goods

• natural resources

• labor

• income

the goods/money used to make other goods and services

• capital

• labor

• natural resources