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6th grade econ

QuestionAnswer
economics the study of how goods and services get produced and distributed
law of demand the higher the demand the higher the price
law of supply the lower the supply the higher the price
Allocation method how foods and services are spread throughout society
Central planning government decides who gets and how much
Free market supply and demand in the public marketplace determine prices and availability
Entrepreneur person who organizes operates and assumes the risk for a business venture
Scarcity exists because human wants are insatiable (not able to be fulfilled) and resources are limited
Capitalism economic system in which ownership and production of goods and services is controlled by private individuals
Socialism mixed economy government provides for necessities of life private enterprise provides non essential goods and services
Communism Government is the economic system
Capital refers to factories equipment and property that can be used to produce wealth
Competition exists when there is more than one seller of a product
Corporation business organization formed and owned by a number of people (share holders)
Income money goods or services earned by the labor or by the use of other resources
Inflation continual increase in prices throughout a nations economy
Investment use of money to provide income or profit
Monopoly exists when there is only one seller of a product
Profit earnings of a business over and above all costs
Created by: Brenton
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