4. It i s the way in which people use their environment to meet their material needs. It includes production , exchange , distribution , and consumption of goods and services . Economy: Definition
14. Supply and demand is an economic model based on price, utility and quantity in a market. It concludes that in a competitive market, price will function to equalize the quantity demanded by consumers, and the quantity supplied by producers, resulting in an economic equilibrium of price and quantity. Law of the supply and demand
15. FREE MARKET (Products price) Offer products Demand products Law of the supply and demand SUPPLY (sellers) DEMAND (buyers) LOW HIGH LOTS LOTS FEW FEW
35. What do we need to build this? Factors of Production
36. Factors of Production : Definition Factors of Production is an economic phrase describing resources (inputs) which are used to produce goods or services.
45. FACTORS OF PRODUCTION: ENTREPRENEURSHIP The entrepreneur is the one who makes use of the idea in an attempt to profit by combining all of the aspects of the factors of production. The entrepreneur combines "land, labor, and capital" with a particular idea or skill of his in order to run his business and offer its particular goods or services.
46.
47. LABOR MARKET: DEFINITION Market: A market is any one of a variety of different systems, institutions, procedures, social relations and infrastructures whereby persons trade, and goods and services are exchanged, forming part of the economy.
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