Unit 2 Economics

Raw materials supplied by nature

Things that you do not have to have to survive but that you would like to have

People who create goods and services

Type of economy based on habits, traditions, and rituals; often based on cultural or religious practices and ideals

Assets used in the production of goods and services

The making, distributing, selling and purchasing of goods and services

Things that are required in order for you to survive

Economy when parts of the command and market economies are combined

The point where the supply of goods matches the demand

The quantity of a good or service that consumers are willing to buy at a given price