MRHS 21-22 Economics Final Exam Review

the study of how people try to satisfy their needs and wants

• supply

• efficiency

• economics

• demand

the way in which an economy is structured for a given country, main job is to produce and distribute goods and services

• economic system

• government

• markets

• entrepreneurship

skills and products passed down through generations, work done according to custom or tradition

• Command Economy

• Traditional Economy

• Free-Enterprise Economy

• Socialist Economy

Government makes 90% of all decisions, North Korea, Cuba, USSR (Russia)

• Traditional Economy

• Command Economy

• Free- Enterprise Economy

• Socialist Economy

capitalism, best example is USA, people make almost all decisions

• Free-Enterprise Economy

• Command Economy

• Traditional Economy

• Socialist Economy

people and government share decisions 50/50

• Traditional Economy

• Command Economy

• Socialist Economy

• Free- Enterprise Economy

resources companies use for all their goods or services

• Production Possibility Curves

• Guns or Butter Decision

• Factors of Production

• Utility

natural resources, coal, oil, crops

• Land

• Labor

• Capital

• Entreprenuership

humans who do work to produce goods

• Land

• Labor

• Capital

• Entreprenuership

machines who do work to produce goods

• Land

• Labor

• Capital

• Entreprenuership