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The study of how people, businesses and countries use limited resources, such asmoney and materials. There are different types of economic systems that all answer the 3 questions: What to produce, How to produce, For whom to produce? |
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People who use the goods and services. |
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Money that remains after all the costs of producing a product have been paid. |
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The amount of items to be sold |
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The amount of interest in the item |
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The relationship between consumer needs and the amount of items that is available to be sold. |
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Not enough items for the demand. |
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| Items used to create the product or service. Can be renewable or nonrenewable. |
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Machines, resources, money and workforce that is used to produce a good/product or service. |
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| Human labor, workers with the knowledge, skills, and experience to make the goods or provide the services. |
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Businesses supply products with little government interference based upon consumer demand. Businesses use supply and demand to help them determine how much to produce and the price point. Businesses also hire based upon supply and demand of jobs. |
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| The government determines what goods are produced, how much is produced, how it is produced, how it is distributed, and the price of the item. Wages are government set and the government determines who has which job. The government controls all aspects of economic life |
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Individuals create products based upon resources and tribal or cultural customs and usually produce enough to survive. The individual determines what is produced, how it’s produced and when/where it is sold. |
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| A blending of all three economies. EVERY country has a mixed economy |
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focusing on one product or service. Usually one becomes skilled |
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| GDP (Gross Domestic Product |
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The total value of the goods and services that a country produces each year. |
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Services, Finance, Manufacturing, Agriculture |
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People who start and own private businesses |
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Items that are brought into a country to sell |
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Items that are taken out of the country to sell. |
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Where two or more countries depend on one another to trade in order to meet each country’s demand. |
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when countries place restrictions on trade with a certain country in order to force it to change a policy |
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Taxes on imported products |
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More drastic than sanctions. Nations refuse to trade with a country at all because of a policy or decision. |
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