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The production, distribution, and consumption of goods and services.

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Demand is in insist and request for a good or service.

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Systems that regulate the qualities of production such as land, capital, labor, and physical resources.

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Equilibrium price is part of the market place where the quantity of goods demanded is equal to the quantity of goods supplied.

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The main building blocks of an economy including, land, labor, capital and entrepreneurship.

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A economic system where the economy regulates the supply and demand.

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The command economy is an economic system where the government has full control over production and outputs.

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An economic system where it's a mix between command and Market economy.

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The amount of money wanted or required to pay for something.

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A stock of resource that is provided for buyers.

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What to produce? How to produce? For whom to produce?

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Advantage - increased innovation, individuals have free choice, and increased production.

Disadvantage - increased unemployment, environmental damage

Uk, India, France

Price is set by individuals not the government.

Individuals impact the supply as society demands various resources, the demand effects individuals as they have to raise prices and stock resources themselves. The government has no regulations for what producers do.

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What do they (the 3 basic economic questions) help societies decide?

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What do they (the 3 basic economic questions) help societies decide?

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They help you decide what kinds of goods and services should be produced, what productive resources are used to produce goods and services, and who gets to have the goods and services.

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There isn't really any advantages and instead mostly disadvantages. The disadvantages are that people don't get any say and are pretty much controlled by the government. The government has say over everything even deciding people jobs.

North Korea uses a command economy.

The government decides the prices goods and services will be. They also say how things get produced and who gets them. So there isn't demand since the government runs everything.

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How does a market system decide what will be produced?

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How does a market system decide what will be produced?

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A market system decides what's produced by supply and demand. The equilibrium price helps decide that if the quantity of demand goes up or down the quantity of goods supplied is affected.

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Advantage - Some economic freedom, producer competition has safety regulations, government security

Disadvantage - No total economic freedom, government policy changes, risk of government corruption.

USA, Norway, Germany

Both government and individuals have say in prices for their resources. Individuals and businesses make decisions based on supply and demand. Although the government does regulate some industries and resources for the country.

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In a market system, what determines how many goods and services an individual can buy?

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In a market system, what determines how many goods and services an individual can buy?

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The consumers have control and say in this economy. Depending on the consumers income decides what they can buy for their goods and services. Also depending on the demand will effect the supplies which can change what individuals are able to buy.