Economics

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8 Terms

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Fundamental Questions of Economics

What to produce, how to produce, for whom to produce.

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Demand and Distribution

Determines who receives goods and services produced.

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Productive Resources

Land, labor, capital; examples include minerals, workers, machinery.

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Market Economy

Economic system where people decide on goods/services distribution.

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Supply and Demand

Economic model explaining price determination in markets.

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Price Change Dynamics

Price rises with high demand and low supply.

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Impact of Competition

Increased competition typically lowers prices of goods.

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Inputs vs Outputs

Inputs are resources used; outputs are produced goods/services.