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.
