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| in economics, rivarly among producers to sell products to consumers. |
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| those who use products and services. |
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| the study of the production, distribution and consumption of goods and services. |
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| the way a society organizes the production, distribution and consumption of goods and services. |
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| the resources and processes involved in the production, distribution and consumption of goods and services. |
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At this end of the spectrum, government makes all the decisions about how to solve scarcity. It owns and manages the resources needed to produce things. It plans what will be produced and decides how to use limited resources.
Characteristics:
- Resources are publicly owned.
- Government makes decisions on how to use resources.
- Individual consumers have little influence on economic decision making.
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It combines private ownership and government control. For example, private businesses own some resources and the government owns others. In _____ economies, the level of government involvement fluctuates depending what political party is in power.
Characteristics:
- Some resources are publicly owned and some are privately owned.
- Individuals and government both make decisions about what to produce.
- Individual consumers and government influence economic decision making.
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| in economics, the part of the economy owned and controlled by businesses and individuals. |
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| those who create products and services. |
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| in economics, the part of the economy owned and controlled by government and paid for by taxes. |
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| consists of all the materials found in the natural environment needed to produce goods and services, such as renewable resources (e.g., trees, raspberries) and non-renewable resources (e.g., oil, gold) |
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| a shift on the economic continuum towards more government involvement in the economy. It is usually described as taking a more liberal position. |
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what's best for society as a whole
- The Public Good and Cooperation.
Some people believe that individuals must consider each other and set aside their individual interests to achieve what's best for a society. This worldview values equity: responding to others in a way that recognizes their needs and circumstances.
- The Public Good and Individual
Some people believe that what's best for each person individually adds up to what's best for society. This worldview values individual creativety and independence.
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| in economics, the idea that land (materials), labour and capital (money) limit the supply of what people want and need. |
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| consists of the physical and mental effort needed to produce goods and services (e.g., agricultural workers to produce foods, servers to staff restaurants). |
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| a shift on the economic continuum towards less government involvement in the economy. It is usually described as taking a more conservative position. |
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| consists of the money that people own or borrow, used to purchase equipment, tools and other resources to produce goods and services. |
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| the wants and needs of consumers for products and services. |
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| the products and services created by producers. |
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