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american economics

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