Are land, labour, and capital unlimited resources?

Which resource is this: All the materials found in the natural environment needed to produce goods and services, such as water, trees oil.

Which resource is this: physical and mental effort needed to produce goods and services (example: agriculture workers to produce food) ?

Which resource is this: the money that people use to invest and make more money?

What happens when the supply of a product can meet the demand of a product?

When price goes up. What happens to demand?What happens to supply?

When demand goes up. What happens to supply? What happens to price?

When supply goes up. What happens to price? What happens to demand?

This describes _________economic systems:

very little government involvement or intervention (individualism, equality of opportunity,private ownership)

This describes _________economic systems:

some or total government involvement or intervention (collectivism,economic equality, public ownership)

In this type of economy, government makes ALL the decisions about how to solve scarcity. It owns and manages the resources needed to produce things. It plans what will be produced and decides how to use limited resources

This type of economy combines private ownership and government control. For example, private businesses own some resources and the government owns others. In mixed economies, the level of government involvement fluctuates depending what political party is in power.

In this type of economy, the choices of individuals solve scarcity. Private businesses own and manage resources. They sell their products to consumers, who make their own decisions about what to buy. Businesses succeed if they produce what consumers want. Otherwise,they fail. The government does not get involved.

Which economy are these characteristics of?

• Resources are privately owned.

• Individuals make decisions on how to use resources.

• Individual consumers drive economic decision making by choosing what to buy.

Which economy are these characteristics of?

• Resources are publicly owned.

• Government makes decisions on how to use resources.

• Individual consumers have little influence on economic decision making.

Which economy are these characteristics of?

• Some resources are publicly owned and some are privately owned.

• Individuals and government both make decisions about what to produce.

• Individual consumers and government influence economic decision making.

Which country has a mixed economy?

Which country has a market Economy

Which country has a planned economy?