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The 3 basic economic questions help societies decide

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The 3 basic economic questions help societies decide

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What resources are important to the needs and wants of the people

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1. What goods and services will be produced?
2. How will they be produced?
3. Who will receive the goods and services?

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Economic Systems are when countries and governments distribute resources, services, and goods. They are used to control the five factors of production.

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The study of scarcity, and how it effects the study of those resources, and is the production of goods and services.

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How much a good or service costs

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The amount of a good or service produced at a given time

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How much a consumer wants/needs a product or service.

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An equilibrium price is when the quantity demanded is equal to, or close to, the price of the quantity supplied. This clears the market.

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A market economy is when buyers and sellers drive an economy. This type of economy is not controlled by the government but by the individual.
Advantages: Increased efficiency, production, and innovation
Disadvantages: Chance of monopolies
Ex. Japan

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A command economy is when the people in command drive an economy, also known as the government. In a command economy, the government regulates jobs, prices, and what you are able to buy and sell.
Advantage: Minimal to no unemployed citizens
Disadvantage: An individual has no say at all
Ex. North Korea

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A mixed economy is a combination of Command and Market economies. This is an economy where the government is able to control the big picture of the economy and the individuals control the little day-to-day buying and selling.
Advantages: Efficient production of resources
Disadvantages: More government-controlled
Ex. United States

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1. How does a market system decide what will be produced?

A market system decides on what will be produced based on the needs and wants of the consumers
2. In a market system, what determines how many goods and services an individual can buy?
In a market system, a consumer's income determines on how many goods and services they can buy
3. Some nations can produce more goods with fewer workers than other countries that have more workers. How can that be true?
Some nations have a test for specialization so people can work efficiently at a job they are really good at, to produce more goods than consumed

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Relationship between price, supply, and demand

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Relationship between price, supply, and demand

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If the supply is low, and the demand is high, then the price is high. If the supply is high, and the demand is low, then the price is low. An equilibrium price is the cost when the supply and demand are equal.