S.S. 9 Unit 2: Economic Systems

Not enough of a good or resource to meet demand for it.

Those that sell goods within a market.

The three factors of production are...

A situation in which the quantity of demand equals the quantity of supply.

Those that buy goods within a market.

The physical (tools, machinery, etc.) or financial (money, investment, etc.) assets required to make a product.

The amount that consumers wish to purchase a specific good.

If Demand Increases, Supply _________

The effort required for raw materials to be converted into finished products and services.

The act of purchasing / using a good or resource.

If Supply Increases, Demand _________

The amount of a good or resource exceeds demand for it.

The amount of an available good.

A group of producers and consumers of a specific good or service

The raw materials and resources that are inputs for production.

How a society organizes the production, distribution and consumption of goods and services