Add card set
Economics, Market, Producer, Consumer, Supply, Demand, Human Resources, Natural Resources, Capital Resources, Scarcity, Agricultural Industry, Manufacturing Industry, Wholesale/Retail Industry, Service Industry, Command Economy, Free Economy, Globalization
The study of how resources are managed in the production, exchange, and use of goods and services
The place or atmosphere in which goods or services are sold or exchanged
Anyone who makes goods or provides a service
Anyone who buys goods or services
The amount of a product or service that producers want to sell
The amount of a product or service that consumers want to purchase
People and their physical and mental energy (employees, workers,businessmen, etc.)
Raw materials from which products are made (crops, trees, coal, oil, etc.)
The tools and machines needed to make products, the factories in which products are made, and office buildings where companies are managed
When a resource is in limited or short supply
Takes natural resources from the earth: fishing, forestry, farming, mining, etc. (Primary)
Makes products using the natural resources: construction, factories, etc. (Secondary)
Buys and sells goods: restaurants, stores, hospitals, schools, etc. (Tertiary)
Provides a service (tertiary) or information(quaternary) to the other levels of industry: health care, banking/finance, Internet, researcher, etc.
Economy is controlled by the government. They determine what is produced, how much, and the price.
Enterprise Supply and demand control the economy. Production, pricing, and quantity based on the market.
Expanding trade around the world. Advances in communications and transportation have helped build a global economy by making trade easier, opening new markets, and keeping prices low for consumers.