EMS 6 Basic Economics

Economic system in which everyone in the society equally owns the factors of production

Adam Smith stated that this should run the economy (people buy and sell what they please).

A naturally occurring limitation on a good that cannot be replenished (fruit out of season)

Entrepreneurs are people who start their own ___.

Developed by Adam Smith in 1776, this type of economy supports free market and little government involvement.

Whenever demand for a good is greater than the quantity supplied at the market price

The degree of wealth and material comfort available to a person

An economy that mixes two types of economies (ex. capitalism mixed w/ socialism)

This government/economic type is the best example of a centrally-planned economy.

This factor of production refers to machinery, factories, tools, etc.

This type of capital is intangible: knowledge, skills, education, etc.

Work done by a person

Money made by a business is called ___.

Physical commodities companies produce to sell to consumers

The study of various types of economies

Non-physical commodities that companies provide to consumers

A place/platform where people buy and sell goods and services

Our country has which type of economy?

This type of economy is agricultural; people barter for goods, and little surplus is produced.

A receptionist's telephone and computer are examples of....