Economics Crash Course 4: Supply and Demand

Economic Systme Based on PROFIT, I wanna make bank bro!

All of the following are Part of the 3 questions of Economics EXCEPT?

What are the four things that can happen to a market?(More than 1 answer)

A place where goods are sold for profit; an area where buyers and sellers come together

The Study of Small parts of an economy

Information markets generate to guide the distribution of resources.

Price sellers will supply and buyers will pay.

An economy that has aspects of Traditional, Free market and Command economies

Economic Interdependence accross the Globe

In what situations does the market approach not work well in?(Varied answers)

The condition when supply is less than demand

The study of how people get their needs and wants in a culture.

More Demand =More Supply

Items you MUST have to survive?

As the price of an item increases fewer items bought. As the price decreases, more item bought.

Your hourly wage at work can be seen as a ?

Father of Communism

Economic System where the Government Controls the economy

terms referring to the amount of goods available for sale determined by want.

The Value of what a person is willing to give up for something, Time,Money,Goods