Economic systems

Economics

• an economic system in which economic decisions are made in the marketplace

• the study of how individuals and groups of individuals strive to satisfy their needs and wants by making choices

• the methods societies us to distribute resources

• the amount of money given or asked for when goods and services are bought or sold

Economic Systems

• the methods societies use to distribute resources

• the amount of money given or asked for when goods and services are bought or sold

• an economic system in which economic decisions are made in the marketplace

• deciding to use a resource for one purpose means giving up the opportunity to use it for something else

Opportunity Cost

• the study of how individuals and groups of individuals strive to satisfy their needs and wants by making choices

• an economic system in which economic decisions are made in the marketplace

• deciding to use a resource for one purpose means giving up the opportunity to use it for something else

• the methods societies use to distribute resources

Price

• the amount of money given or asked for when goods and services are bought or sold

• the amount of goods and services that producers will provide

• the amount or quantity of goods and services that consumers are willing to buy

• the point at which the quantity demanded and the quantity supplied meet

Market Economy

• an economic system in which a central authority makes the key economic decisions

• an economy that contains both private and public enterprises

• an economic system in which economic decisions are made in the marketplace

• the point at which the quantity demanded and the quantity supplied meet

Supply

• the amount of goods and services that proiducers will provide

• the amount of money given or asked for when goods and services are bought or sold

• the amount or quantity of goods and services that consumer are willing to buy

• the point at which the quantity demanded and the quantity supplied meet

Demand

• the amount of money given or asked for when goods and services are bought or sold

• the amount of goods and serivices that producers will provide

• the point at which the quantity demanded and the quantity supplied meet

• the amount or quantity of goods and services that consumers are willing to buy

Equilibrium Price

• the point at which the quantity demanded and the quantity supplied meet

• the amount of money given or asked for when goods or services are bought or sold

• the amount of goods and services that producers will provide

• the amount or quantity of goods and services that consumers are willing to buy

Command Economy

• an economic system in which economic decisions are made in the marketplace

• an economic system in which a central authority makes the key economic decisions

• the point at which the quantity demanded and the quantity supplied meet

• an economy that contains both private and public enterprises

Mixed Economy

• an economic system in which a central authority makes the key economic decisions

• the study of how individuals and groups of individuals stirce to satisfy their needs and wants by making choices

• an economy that contains both private and public enterprises

• an economic system in which economic decisions are made in the marketplace