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Exploring Economics

Social Studies Exploring Economics

QuestionAnswer
Scarcity The lack of resources
Supply Is the amount of a good or service that the producer wants to sell
Demand Is the amount of product that a consume wants to buy
Capital Is money used to make or do things
Entrepreneurship The act of running a business and taking rights of that business
Market Economy An individual that decides what to buy make and sell
Command Economy A central government decides what goods will be made
Mixed Economy The government has some control over what and how much is made.
Traditional Economy Is based on custom.
Technology Is using knowledge in a practical way to accomplish a task.
Free Market Force that balance each other overtime
Created by: felix.m