Economic Systems & Supply & Demand

When the demand is high

• fewer people will be buying the product.
• competitors see the opportunity and enter the marketplace.
• fewer people will produce the item.
• fewer people will buy the item.

This exists when wants exceed resources available to satisfy those wants.

• economics
• market economy
• scarcity
• mixed economy

As prices fall for a particular good or service, the demand for that item will increase & vice-versa.

• Law of Supply
• Law of Demand
• Law of the Land
• Law of Economics

A disadvantage to the Mixed Economy is

• a balance of needs & wants are met.
• citizens have to pay taxes.
• marketplace takes care of people's wants.
• government takes care of people's needs.

When the price is below the equilibrium price, more people are willing to buy alot of the product.

• false
• true

The knowledge, efforts, and skills people bring to their work, also known as labor.

• capital resources
• economics
• human resources
• entrepreneurial resources

This is where people believe in doing things the same as they have always been done.

• market economy
• traditional economy
• mixed economy
• socialist economy

More supply causes the price to decrease as the demand is fulfilled.

• True
• False

The initiative to improve goods & services or create new ones is..........

• entrepreneurial resources
• economics
• human resources
• capital resources

This studies how individuals and societies seek to satisfy want & needs through incentives, choices and allocation of resources.

• scarcity
• economics
• natural resources
• capital resources