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american economics
| Question | Answer |
|---|---|
| economic | how people use limited resources to satisfy their wants and needs |
| want | (luxuries) items, activities, or services that increases one’s quality of life. |
| need | (necessity) the essential things in lkife you cant ive without |
| factors of production | the resources used to produce goods and services |
| land | resources provided by nature |
| labor | the human effort used by workers in the production of goods and services |
| physical capital | the knowledge and skills acquired by a worker through education and experience |
| Entrepreneurship | the effort to coordinate the production and sale of goods and services. take risk and commit time and money to a business without any guarantee of profit |
| 3 basic economic questions | What goods and services should be produced? How should we produce them? Who consumes these goods and services? |
| 3 basic economic systems | Traditional economy Free market economy Command/centrally planned economy Mixed economy |
| traditional economic system | an economic system that typically involves extensive subsistence farming and relies solely on bartering and trading. Money does not exist |
| Free market economy | an economic system in which the government does not intervene in an attempt to regulate supply, demand, and prices. Idea of laissez faire (leave it alone) |
| Command and centrally planned economy | the government controls all the factors of production and economic decision making |
| Mixed economy | economic system in which the factors of productions and economic decision making are shared between the private sectors (the people) and the government |
Created by:
scappaturak14
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