Market Economy

things we would like to have to make life more comfortable and enjoyable

• want

• need

• scarcity

• demand

required for survival

• want

• need

• supply

• demand

looks at the economy as a "big picture"

• Market Economy

• Macroeconomics

• Microeconomics

• Economics

looks at the economy as a "small picture"

• Market Economy

• Macroeconomics

• Microeconomics

• Economics

the way goods and services are produced and consumed

• Market Economy

• Macroeconomics

• Microeconomics

• Economics

someone who acquires goods and services for his or her own personal use

• consumer

• entrepreneur

• market

• producer

someone who makes goods or offers services to others

• consumer

• entrepreneur

• market

• producer

producers are free to decide what to produce, and consumers are free to buy whatever they need and want

• Market Economy

• Command Economy

• Communist Economy

• Production Economy

the government decides what will be produced, how much will be produced, and how much goods and services will cost.

• Market Economy

• Command Economy

• Communist Economy

• Production Economy

entire activity of buying and selling that takes place in the world

• Market

• Production

• Economy

• Consumer