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

Example- North Korea has a command economy

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one in which price and production is controlled by buyers and sellers freely conducting business.

example- China has a market economy

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often based on one or a few of agriculture, hunting, fishing, and gathering.

example- Nigeria

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Factor market is the market for services needed to complete the production process.

example- Raw materials

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Product markets refer to markets in which all kinds of goods and services are made and traded

example - Airline travel

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A mixed economy consists of both private and government/state-owned entities that share control of owning, making, selling, and exchanging good in the country.

Example- US and France

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The law of demand states that all other things being equal, the quantity bought of a good or service is a function of price.

example- ice cream

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something that is in excess of what you need.
example- money left over after you have paid all of your bills.

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the state of being scarce or in short supply; shortage.

The gasoline shortage in the 1970's

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a firm who is the sole seller of its product, and where there are no close substitutes.

Microsoft and Windows

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Something you need to survive

Water

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the desire for financial gain as an incentive in economic activity.

a business might be willing to absorb lower profits and even losses in the present to strengthen its position and increase its market share so that it can earn higher profits in the future.

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a state or situation in which something needed cannot be obtained in sufficient amounts.

water shortage

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A shift in the demand curve is when a determinant of demand other than price changes.

an increase in income would mean people can afford to buy more widgets even at the same price.

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If the costs of production increase

following a rise in the price of raw materials or a firm having to pay higher wages to its workers, then businesses cannot supply as much at the same price and this will cause an inward shift of the supply curve.

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Competition is an interaction between organisms or species in which both the organisms or species are harmed.

among animals could be the case of cheetahs and lions; since both species feed on similar prey, they are negatively impacted by the presence of the other because they will have less food, however they still persist together, despite the prediction that under competition one will displace the other.

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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.

An example of equilibrium is in economics when supply and demand are equal

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goods and services generally have plenty of substitutes

furniture, motor vehicles, professional services, and transportation

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goods have fewer substitutes and so price change does not affect the quantity demanded as dramatically.

gasoline.

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land, labor, capital, and entrepreneurship

Production is the process of making, harvesting or creating something or the amount of something that was made or harvested. An example of production is the creation of furniture. An example of production is harvesting corn to eat. An example of production is the amount of corn produced.