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The sources people use to produce goods and services

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Economics is resources, production of goods and services.

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What goods and services should be produced to meet consumer needs?

This helps people understand what needs we need and how we can change to meet those needs.

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An economic system is when societies or governments organize and gives resources, services, and goods to us people.

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How should they be produced, and who should produce them?

This lets us know where we should go to get our produce and what places are good.

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Who should receive goods and services?

This tells us the expectations of how we should receive our goods and how we should be served.

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The amount of money required, given, or expected in a payment.

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Providing someone with a want or a need.

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An insist or required request.

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A type of economic system where supply and demand regulate the economy.

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disadvantages

The price control can cause shortages in supply

Lack of public goods

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Market economy is a type of economic system where supply and demand regulate the economy.

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Command economy is when the government determines what is produced, how it is produced, and how it is distributed.

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The cost assigned to a product which supply demand is equal or close to equal

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Mixed economy is a system that combines aspects of both capitalism and socialism.

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How does a market system decide what will be produced?

The economy is influenced by demand, supply and pressures of competition.

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

This depends on how much someone makes.

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The United States

The United Kingdom

Japan

Germany

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Some nations can produce more goods with fewer workers than other countries that have more workers. How can that be true?

Some nations have more technology that is doing work for people so they don't need as many workers.

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France

Sweden

Norway

Vietnam

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USSR

North Korea

Cuba

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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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They can decide this buy who is buying certain products, what products aren't being bought, and what supply they currently have.

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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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Your income which is most generated by working. The number of goods and services available is determined by what people want and how eager they are to buy.

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advantageous

Competitive and Efficient Producers

Issues for Welfare of society

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Some nations can produce more goods with fewer workers than other countries that have more workers. How can that be true? 

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Some nations can produce more goods with fewer workers than other countries that have more workers. How can that be true? 

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More technology is used in the country with fewer workers, increasing worker productivity.

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advantages

Limited Government

Competition

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Explain the relationship between them and how the equilibrium price fits

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Explain the relationship between them and how the equilibrium price fits

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-An equilibrium price is a balance of demand and supply factors.

-An increase in supply will cause the equilibrium price to fall.

-An increase in demand will cause the equilibrium price to rise.

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disadvantages

intense competition

poor working conditions