Business Economies

Relies on customs and rituals

If there is a greater demand for health food, what will happen to the prices of junk food

An increase of immigrants from Ukraine has

The law of supply states that when the price of an item goes up, supply will go up

If technology reduces the cost to make a product

North Korea is an example of this type of economy

There is some government involvement in the market system

A recession is when the economy is very slow and people start to lose their jobs

The law of demand states that when the price of an item goes down, demand will go up

Natural resources refer to the people who work to produce goods/services

Decisions are made by a central figure within the govenment

An early snowfall and ice road conditions increases the supply of winter tires

Based strictly on demands of consumers

Demand is the amount of a product that consumers are willing to buy at a specific price

Who are an example of a traditional type of economy?

Because of this, there is now a wider selection for consumers when purchasing a vehicle