A market system
decides what is to be produced through supply and demand in the marketplace. In a market system, what determines how many goods and services an individual can buy? Some nations can produce more goods with fewer workers than other countries that have more workers.
What determines what goods and services are produced by a nation in the economy?
A command economy
is an economic system in which the government, or the central planner, determines what goods and services should be produced, the supply that should be produced, and the price of goods and services.
What determines how many goods and services a person can buy?
| A B | In most countries, what determines how many goods and services a person can buy? income | _____ producers provide the goods and services that consumers want. supply and demand | What are the means to produce goods and services called? factors of production |
|---|
What is the principle that limited amounts of goods and services are available to meet unlimited wants?
The fact that limited amounts of goods and services are available to meet unlimited wants is called
scarcity
.
What is measured by the number of goods and services available?
The total amount of goods and services in the economy available at all possible price levels.
What are 2 examples of goods and services?
Goods and services often work together. For example, a
consumer who purchases gasoline for their car
also pays for the processing and transportation of that gasoline. In this case, the gasoline is the good and the processing and transportation is the service.
How does society decide who gets what goods and services?
An economic system is the method used by a society to produce and distribute goods and services. Traditional economies rely on
habit, custom, or ritual
to decide what to produce, how to produce it, and to whom to distribute it.
What are the 5 economic systems?
The different kinds of economic systems are
Market Economy, Planned Economy, Centrally Planned Economy, Socialist, and Communist Economies
. All these are characterized by the ownership of the economics resources and the allocation of the same.
Is food a good or service?
The court held that under the common law the furnishing of food at a restaurant is not a sale but
merely a service
.
Who produces goods and services in a traditional economy?
The primary group for whom goods and services are produced in a traditional economy is
the tribe or family group
. In a command economy, the central government decides what goods and services will be produced, what wages will be paid to workers, what jobs the workers do, as well as the prices of goods.
What kinds of goods and services are required to meet people’s needs and a wants?
Needs are a basic requirement for survival and include:
food, clothing, and shelter
. Wants are a way of expressing those needs. To satisfy the “need” for food, a person may express it as a “want”. For example: I need food, I want pizza.
What are people who decide how do you combine resources to create new goods and services?
| Question Answer | Entreprenuer a person who decides how to combine resources to create goods and services | Factors of production the resources that are used to make goods and services | Land all natural resources used to produce goods and services | Labor the effort people devote to tasks for which they are paid |
|---|
What are the three basic economic questions?
- What to produce? ➢ What should be produced in a world with limited resources? …
- How to produce? ➢ What resources should be used? …
- Who consumes what is produced? ➢ Who acquires the product?
Are individuals who purchase and use goods and services to?
| A B | consumers one who buys goods or services for personal use rather than for resale or use in production or manufacturing. | producers a person, group, or business that makes goods or provides services to satisfy consumers’ needs and wants. |
|---|
Is the study of how people use money goods and services?
People who buy and/or use goods and services to satisfy wants. … The way a society organizes the production, consumption and distribution of goods and services.
Economics
. The study of the production, consumption and distribution of goods and services.
What is the total amount of goods and services in the economy available?
Aggregate supply
is the total amount of goods and services in the economy available at all possible price levels.
