Economics 1

Economics

Tthe science that deals with production and consumption of goods and services.

wants

material items people buy that can be seen and touched.

market economy

an economic system in which the government has more control over production than in market economy.

Limited resources

goods and services available in the world at any one time are not enough to meet peoples' wants

unlimited wants

All the goods and services that people all around the world want at any one time.

Traditional economy

An economic system in which people choose freely and the 3 fundamental economic questions are based on the interaction between producers and consumers.

needs

The items a person would like to have, but are not needed to survive.

services

The people who make or provide goods and services

Ecomist

a person who studies the economics

economist

a person who studies the economics

goods

actions people do for others

Scarcity

not enough

services

people who buy/use goods and services

economist

person who studies economics.

Economy

study of how nations, businesses, and industries make things, buy things and spend money

command economy

the oldest system in which 3 fundamental economic questions are answered by custom and tradition, following what ancestors did.