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Intro to Business - Ch 2
Economic Resources and Systems
things such as buildings, materials, and equipment used to produce goods and services
a combination of a command and a market economy
a system in which economic decisions are made in the marketplace according to the laws of supply and demand
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
the knowledge, efforts, and skills people provide, also called labor
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