economics review

Businesses use these to produce their goods and services:

Example of a need consumers have:

The workers, managers, and/or owners of a business:

Goods and services are produced the way they've always been produced historically:

The U.S. economy is characterized as this type of economy:

What happens to the price of a good if the demand for the good is high?

If the consumer demands a product or service, businesses will supply it.

If you choose getting a job instead of going to college, what's your opportunity cost?

The government controls the resources and decides which goods/services will be produced:

Example of services consumers purchase:

What happens to the price of a good if the supply of the good is low?