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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


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


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


the shortages of goods or services

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