economics: supply, demand flashcards
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Entrepreneur
People who would assume the risks of starting a new business.
Economic Growth
An increase in a society’s production of goods and services over time.
supply
the amount of a good or service.
demand
The desire to obtain a good or service
capital
Any human-made object that is used to make other goods or perform services
Examples: money, computes, machinery, tools.
equilibrium
When supply and demand are equal. This is the best economic situation.
capital resources
Items that are used in the production of other goods
natural resources
Items found in nature that humans have found a use for
human resources
People with a skill who perform a service or create a good
bartering
Trading without exchanging money
free enterprise
Competition between companies
traditional Economy
People meet their needs based on customs.
command economy
Government makes all the decisions. There is no private property.
Market economy
Type of economy where people make their own decisions and own their own businesses.
Mixed economy
Many, but not all, businesses are owned and controlled by the government.
