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C29 Economics

TermDefinition
Economy System of individuals, businesses and governments that produces, sells and buys goods and services.
National economy The economy of a certain country
Global economy The world economy
Economics The study of how individuals, organizations and governments make choices about how to allocate limited resources
Economic resources Factors used to produce goods and provide services
Basics economic problem Our needs and wants are unlimited but economic resources are limited
Scarcity Gap between unlimited needs and wants and limited economic resources leads to scarcity
Economic system How a country controls its economic resources to produce goods and services
Free economy An economy where anyone is free to make decisions about the production of goods and services
Controlled economy An economy where the government has total control of the production of goods and services
Mixed economy An economy where the government and private business share the production of goods and services
Created by: JDKelly
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