Advertisement Upgrade to remove ads

Economic Resources and Systems

capital resources

things such as buildings, materials, and equipment used to produce goods and services

mixed economy

a combination of a command and a market economy

market economy

a system in which economic decisions are made in the marketplace according to the laws of supply and demand

command economy

a system in which a central authority, such as the state, makes the key economic decisions

supply and demand

producers provide the goods and services that consumers want

equilibrium

the price when the quantity of supply meets the quantity of demand of a particular good or service

economics

the study of how society chooses to use resources to produce and distribute goods and services for people's consumption

human resources

the knowledge, efforts, and skills people provide, also called labor

natural resources

raw materials from nature used to produce goods

factors of production

the resources used to produce goods or services

scarcity

the shortages of goods or services

Please allow access to your computer’s microphone to use Voice Recording.

Having trouble? Click here for help.

We can’t access your microphone!

Click the icon above to update your browser permissions above and try again

Example:

Reload the page to try again!

Reload

Press Cmd-0 to reset your zoom

Press Ctrl-0 to reset your zoom

It looks like your browser might be zoomed in or out. Your browser needs to be zoomed to a normal size to record audio.

Please upgrade Flash or install Chrome
to use Voice Recording.

For more help, see our troubleshooting page.

Your microphone is muted

For help fixing this issue, see this FAQ.

Star this term

You can study starred terms together

NEW! Voice Recording

Create Set