Economics

Supply

Consumers who are willing and able to purchase a product or service create an economic situation referred to as supply and demand. The price of the product or service tends to rise and fall depending on these factors.

Producers consume both goods and services.

Basic economic questions all deal with scarcity. These type of questions must be asked so that economic decisions will be made that are beneficial.

producers

In a command economy, also known as a planned economy, the government largely determines what is produced and in what amounts. In a mixed economy both market forces and government decisions determine which goods and services are produced and how they are distributed.

The system of exchanging goods. A+

Which of these items is not considered by economists to be a need?

a meal

shelter

a coat

a book