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A economic system where the production and distribution of goods and services are controlled by the government.

Cuba and North Korea are examples of a command economy

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An economic system where there is free competition and the prices are determined by the laws of supply and demand.

The United States is an example of a market economy, there is free flow of goods and services and no governmental control.

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A traditional economy is based on customs, traditions, and beliefs. This system guides economic decisions such as production and distribution.

Haiti and Bhutan are examples where their decisions are based on customs,beliefs, family or tribe.

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Factors of production are bought and sold. Businesses purchase the items needed to produce goods or services.

Examples like Capital, Land , Labor and Entrepreneurship.

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The marketplace where goods and services are sold to  businesses and firms.

For example the market for airline travel; smartphones .

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An Economic system that has characteristics from the market and command economy.

France, Russia and China have a mixed economy. They have some government interaction while having a free market.

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As the price of a good increases the quantity demanded is decreased .

If the movie ticket prices decrease then the demand would increase but, if the price for a movie ticket increases then people will not buy movie tickets.

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What's left over after the requirements have been met.

An example is cash left over after you have paid your bills.

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The state of having a shortage, low in supply.

An example of this is not having enough gas. A gas shortage .

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A single seller selling a unique product in the market. There is no competition. They can set the price of their goods.

An example of a monopoly is Google and Amazon.

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A need is something you must have, a requirement.

Food and water are examples of a need.

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An incentive for financial gain. When businesses try to maximize the profit.

Relocating a MLB team.

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Not having enough. The demand has exceeded the supply made available.

There is a shortage of testing kits for the coronavirus.

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Occurs when the demand for goods and services changes even when the price doesn't.

An example would be if the income increased for  people and now they can afford more and buy more at the same price.

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The cost of production increases.

There is an increase in the price of raw materials.

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Being competitive, rivalry between businesses that sell similar goods and services.

Examples like Coke and Pepsi, Marvels and DC comics

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Supply and Demand are balanced.

Example ; Calm and steady = Balance

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Where the demand changes if the price changes.

Example: Furniture and Cars

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Price change does not effect quantity demanded as much.

Gas is a n example. As gas increases the quantity does not decrease as much.

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Land, Labor, Capital , Entrepreneurship are the factors production. These are the resources needed to create a good or service.

Oil is a natural resource but gasoline is a capital. Farmland is Land and a owner is a entrepreneur.