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Mixed Economy:
An economic system that combines private and government ownership.
Planned Economy:
An economic system where the government makes most economic decisions.
Public Good:
Goods or services that are meant to benefit everyone in society.
Shift Left:
A movement toward more government involvement in the economy.
Shift Right
A movement toward less government involvement in the economy
Crown Corporation
A government-owned company that provides goods or services.
Consumers
People who buy and use goods and services.
Demand
The amount of goods and services consumers want and are willing to buy.
Economics:
The study of how goods and services are produced, distributed, and used.
Economic System:
How a society organizes production, distribution, and consumption.
Economy
All the resources and activities used to produce and use goods and services.
Scarcity
When there are limited resources but unlimited wants.
Privately Owned:
Owned and controlled by individuals or businesses.
Publicly Owned
Owned and controlled by the government, funded by taxes.
Market Economy
An economy where consumers and producers make decisions, not the government.
producers
Those who create products and services
Supply
the products and services created by producers
Competition
In enemies rivalry, among producers to sell products to costumers
um employment rate
the percentage of workforce that doesnt have jobs.