This document outlines essential elements of economics, including pricing competition that exists when there are limited resources to satisfy human wants. It also describes the four factors of production, four types of economic systems, seven fundamentals of a market economy, four components of a capitalist system, factors that affect demand, supply, and prices, characteristics of perfect competition, and protections for consumers.

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By Suzanne Delahanty VPSS Soc. Science T2 Week 5
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Pricing Competition

2. Exists when there are not enough resources to satisfy human wants
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3. FFoouurr FFaaccttoorrss ooff PPrroodduuccttiioonn
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4. Four Types of Economic Systems
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5. Seven Fundamentals of Market Economy
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6. Four Components of an Enterprise / Capitalist System
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7. Factors Affecting Demand
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8. Factors That Affect or Change Supply
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9. Factors That Affect Prices
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10. Characteristics of Perfect Competition
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11. Protections For Consumers
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