system
a variety of smaller pieces that work together to achieve a goal
scarcity
our ability to consume is greater than our ability to produce
consumers
people who buy the goods and services
producers
people who make or provides goods or services
what are the for basic questions in economics
what will be produced
how will it be produced
for whom will they be produced
how quickly will they be produced
supply
the amount of product of avaible
demand
the degree to which consumers desire a product
what happens when supply goes up
the demand and cost goes down
what happens when supply goes down
the demand and cost goes up
what is equilbruim
when the supply and demand are equal
what are positiveness of economic competition
-lowers the overall cost for consumers
-increases variety
-increases the overall quality
-leads to more advancements
what is a monopoly
a market in which they are many buyers but only one seller, they can raise the prices
what is economic competition
when two or more producers sell the same product
