Essential (or required) for survival

Something we desire (would like to have) but could ultimately live without

Tangible (physical) items that are produced (made) and sold to consumers

What are the 3 types of economic resources (also called factors of production)?

Centered around the passing down of customs and beliefs.

Central authority / government makes economic decisions.

People and businesses answer the economic questions for a society.

Is a combination of a command economy and a market economy.

Almost every country is this type of economic system.

Goods and services are produced the way they have always been

• Individual people / busineses have no say in the economy or decisions.

• North Korea is the best example of this economic system?

• The United States, Mexico, and Canada all have this economic system.

• Which economic system have these advantages: consumer satisfaction is high, there is a lot of individual freedom for consumers, innovation and creativity thrive

Government, individuals and businesses are involved in making economic decisions.

1. What is  "capital"?

1.  Anything that can be bought or sold