EDM Key Concepts

Refers to all the goods and services (including knowledge) that are produced and distributed within society (the value of a good is worth whatever someone is willing to pay)

Those things which are used to produce goods and services (wealth) individuals within a society need or want.

Is the relationship that occurs when needs and wants exceed the limited resources available to meet those wants; when you are short or run out of goods and/or services.

The value of a good or service that we want to consume and/or purchase; how much are you willing to pay for something that you want or need?

A measure of the quantity and quality of goods and services available to people to create a lifestyle; what is living going to cost you?

These are required for industrial production: land, labour (workers), and capital ($) which are used to produce goods and services.

Consists of a nation's roads, housing, hospitals, schools, etcetera which make possible reasonable living conditions and create a healthy, educated, and trained labour force.

Where the forces of supply, demand and price operate; where buyers and sellers interact to trade goods and services

What can the government control and what can’t the government control? A market system in which there is a combination of free market principles (such as capitalism) with some government controlled principles (national health care) ;

An economic system where customs and traditions shape the way trade and commerce is performed. A given community or group of people engage in different activities individually to produce goods or services that are required by the rest of the group; what do people want/need? How much are you willing to pay?