american economics
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
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| economic | how people use limited resources to satisfy their wants and needs
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| want | (luxuries) items, activities, or services that increases one’s quality of life.
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| need | (necessity) the essential things in lkife you cant ive without
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| factors of production | the resources used to produce goods and services
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| land | resources provided by nature
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| labor | the human effort used by workers in the production of goods and services
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| physical capital | the knowledge and skills acquired by a worker through education and experience
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| 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
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| 3 basic economic questions | What goods and services should be produced? How should we produce them? Who consumes these goods and services?
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| 3 basic economic systems | Traditional economy Free market economy Command/centrally planned economy Mixed economy
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| traditional economic system | an economic system that typically involves extensive subsistence farming and relies solely on bartering and trading. Money does not exist
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| 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)
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| Command and centrally planned economy | the government controls all the factors of production and economic decision making
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| 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
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