EMS 6 Basic Economics

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

The degree of wealth and material comfort available to a person

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

Money made by a business is called ___.

Physical commodities companies produce to sell to consumers

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

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

Non-physical commodities that companies provide to consumers

Entrepreneurs are people who start their own ___.

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)

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

The study of various types of economies

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

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

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

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

Our country has which type of economy?

Work done by a person

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