$$$ Basic Economics $$$

Our country has which type of economy?

The study of various types of economies

Physical commodities companies produce to sell to consumers

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

Adam Smith came up with this type of economy in 1776; free market and gov. is small.

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

Non-physical commodities that companies provide to consumers

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

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

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

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

Entrepreneurs are people who start their own ___.

Money made by a business is called ___.

Work done by a person

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

This man came up with the idea of communism in 1848.

This type of capital (wealth) refers to machinery, factories, tools, etc.

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

The degree of wealth and material comfort available to a person

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