2.01 EBME Economic Systems

This type of resource is having the ability to recognize the need for new goods or services.

Countries like the United States, England, and Australia uses this type of economic system...

The combination of government takes care of people's needs & the marketplace takes care of want

The type of economic system where customs govern the economic decisions that are made.

Scarcity is the shortage of limited resources available to satisfy people's wants.

This type of resource are man-made resources such as buildingsand materials used in production

The Command Economy is also known as...

This type of economic system truly does not exist.

_________ explains how people seek to satisfy needs and wants.

Businesses and consumers makes decision using the law of supply & demand.

China, France, Cuba, and Sweden uses this type of economic system...

This type of resource refers to the resources such as land, minerals, water, and trees.

This type of resource refers to people's knowledge, efforts, and skills are used in their work.

The government makes decision on what, how, and for whom goods and services are produced.

Under-developed countries, like an Indian tribe, has this type of economic system...