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an economy in which production, investment, prices, and incomes are determined centrally by a government.

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A market economy is a system where the laws of supply and demand direct the production of goods and services

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A traditional economic system is based of customs, history and time on her beliefs

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A factor market is a market where businesses purchase the items needed to produce goods or services.

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an economic system combining private and public enterprise

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As the price of a good increases, quantity demanded decreases.

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an amount of something left over when requirements have been met; an excess of production or supply over demand.

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Scarcity is the limited availability of a commodity, which may be in demand in the market or by the commons.

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A monopoly exists when a specific person or enterprise is the only supplier of a particular good.

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Needs are things that you require to function

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In economics, the profit motive is the motivation of firms that operate so as to maximize their profits

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shortage or excess demand is a situation in which the demand for a product or service exceeds its supply in a market. It is the opposite of an excess supply

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A shift in the demand curve is when a determinant of demand other than price changes. It occurs when demand for goods and services changes even though the price didn't

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Changes in production cost and related factors can cause an entire supply curve to shift right or left.

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Competition arises whenever at least two parties strive for a goal which cannot be shared: where one's gain is the other's loss

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In economics, economic equilibrium is a situation in which economic forces such as supply and demand are balanced and in the absence of external influences the values of economic variables will not change

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This shows how elastic (or price-sensitive) the cable TV service industry is, as the quantity demanded changes at a larger rate than the price

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Inelastic goods have fewer substitutes and so price change does not affect the quantity demanded as dramatically. The most common example of relatively inelastic demand is for gasoline.

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land, labor, capital, and entrepreneurship