How society meets its needs through the production of goods and services
Examples of Natural Resources might be:
Oil
Metals
Farmland
Coastline
Fishing
Shipbuilding
Natural Gas
Capitalism is a system where
People Only Use Capital Letters When Speaking or Writing
People refuse to use capital letters
An economic system where the means of production and development are privately owned and traded
Communism is an example of an economy where the means of mass production are owned by
The people
The state
The politicians
The government
Socialism is a type of government where
People are very social and visit regularly
People are isolated and don't talk to each other
An economy based at least partly, on central planning
An economy where many large industries are owned and operated by the government
The US is a mixed economy which means:
A combination of things like capitalism and government regulation
A combination of socialism and communism
Republican and Democrat
Only government regulation
To be an Entrepreneur means to
Own your own company
Own many companies
Starting your own business
Being in debt to many companies
Within economics, a country with an industrial base would have
Technology
Factories
Ability to raise money
Ability to acquire new skills, knowledge and factories
Microeconomics can be defined as
The view of individual markets through looking at goods and services
Focusing on the smaller parts of making money
A study of economics that focuses on supply and demand
The study of economics that focuses on global issues
Within economics, supply and demand can be defined as
Supply: the amount of items on a shelf
Supply: The amount of goods or services available at a certain time
Demand: How many people have these items
Demand: The need of consumers for these goods and services
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