Notes

business-
land-land is when you start a business and for example you have a bread business or company, you would need wheat or flour as the resources for the start of the business.
labour-labour is when your creating your business and you start making your goods/services. you would need people that work for you that you can rely on, trust and depend on. so in short terms, labour is workers/staff.
capital-capital in short terms could be machinery. lets say you own a bike company, you would need things like screws or weels for the bike.
enterprise-enterprise is when you start a business. in short terms, enterprise is the very start of a business.
entrepreneur-an entrepreneur is the creator of a business/ company
needs- a need is something you cannot live without. an example would be food because if you dont eat you will starve, or water because if you dont drink water you will get dehydrated.
wants-a want is something you dont need in your live but it so your not bored. an example would be electronics because things like mobile games or social media take most of your life.
oppurtunity cost-oppurtunity cost is when something runs out or increases in price, the oppurtunity cost would be the next best option that has not run out or the price is lower than the first option. and example would be coca cola and pepsi.
scarcity-scarcity is when something is in low supply or storage.
traditional economy-a traditional economy is an economic system in which traditions, customs, and beliefs help shape the goods and services the economy produces, as well as the rules and manner of their distribution. contries that use this type of economic system are often rular and farm-based. they use barter as money or exchange.
command economy- a command economy is a system where the goverment, rather than the free market, determines what goods should be produced, how much should be produced and the price at which the goods are offered for sale.
market economy- a market economy is an economic system in which economic decisions and the pricing of goods and services are guided by the inetractions of a countrys individual citizens and businesses.
economy- the state of a country or region in terms of the production and consumption of goods and services and the supply of money.
demand-demand is an economic principle referring to a consumers desire to purchase goods and services and willingness to pay a price for a specific good or service.holding all other factors constant, an increase in the price of a good or service will decrease the quantity demanded, and vice versa.
supply- suuply is a fundamental economic concept that describes the total amount of a specific good or service that is availible to consumers. supply can relate to the amount available at a specific price of the amount available across a range of prices if displayed on a graph.