An economic system in which the resources needed 4 production are privately owned.
Financial Capital or Simply Capital
Money used to pay 4 capital goods.
Owners of the resources that are needed for production and manufacturing, such as factories and machinery.
people made resources such as factories machines, and tools.
Formal agreements about the use or sale of property or labor.
A time of very slow economic activity and high unemployment .
A continuing rise in prices .
Supplies and demand cheaper the price more people not cheap the price less people laws of supply and demand.
What is demand
The willingness 2 buy a good or service at all prices.
What is the laws of demand
If nothing else change the quantity demand of a good or service is greater out lower prices then higher.
What is supply
Supply is the quantity of a good or service a firm is willing to produce at all prices .
What is the law of supply
If nothing else changes, firms are willing to supply a greater quantity of good or service at higher prices than lower.
Determinates of demand
price, out look.
normal goods versus inferior goods.
Potential customers pop of market.
Fads or fashions.
of other goods substitude or complementarty.
Consumer expection of future income and prices.