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Economics-Unit 1

Economics taught by Ms Loveless

QuestionAnswer
Economics the study of how society chooses to allocate its scarce resources to the production of goods and services in order to satisfy unlimited wants
Good tangible economic product that is useful, relatively scarce, transferable to others, used to satisfy wants and needs
Service work or labor performed for someone
Scarcity fundamental economic problem of meeting people's virtually unlimited wants with scarce resources
Factors of Production productive resources that make up four categories of land, capital, labor, and entrepreneurship
Land natural resources not created by human effort
Capital tools, equipment, and factories used in the production of goods and services
Labor people with all their abilities and efforts
Entrepreneurs risk taker in search of profits who does something new with existing resources
Traditional Economy economic system in which the allocation of scarce resources and other economic activities are based on ritual, habit, or custom
Command Economy economic system with a central authority that makes the major economic decisions
Market Economy system in which supply, demand, and the price system help people make economic decisions and allocate resources
Mixed Economy economic system that has some combination of traditional, command, and market economies
Socialism political and economic system in which the government owns and controls some factors of production
Communism economic and political system in which all factors or production are collectively owned and controlled by the state
Created by: tonyangelos