Supply and Demand Concepts

the amount of goods available at a given time

• demand

• inventory

• supply

how many people want the goods that are available

• demand

• bargain

• urgency

If there isn't enough of something available for sale

• deletion

• scarcity

• layaway

resources to satisfy our needs and wants

• 4 Parts of Legislation

• 4 Factors of Production

• 4 Steps in Purchasing

refers to all natural resources used to produce goods and services.

• banking

• judicial

• land

the effort that an individual person puts into making a good or service.

• labor

• marketing

• tele-communications

anything that is used to produce other goods and services

• capital

• ratio

• gratuity

risk taking individuals in search of profit.

• agent

• monarch

• entrepreneur

Economic system where the means of production are owned by private individuals 

*Little/NO government involvement

*Determined by supply and demand, people's voice

*Competition among companies

Negatives

-Rich get richer, poor get poorer= inequalities

-Overproduction of products

• communism

• socialism

• capitalism

All goods and production belong to the government

*All profits $$ belong to the government

*Individuals given little freedom determining what to produce

*No private ownership allowed

*Payment salary same for all people

• socialism

• communism

• daoism