1. Supply and Demand
1.1. Consumer
1.1.1. those who use products and services
1.2. Demand
1.2.1. the wants and needs of consumers for products and services
1.3. Producer
1.3.1. those who create products and services
1.4. Supply
1.4.1. the products and services created by producers
2. Competition
2.1. Competition is about producers striving to get consumers to buy their products. Producers attract consumers in a variety of ways through different prices and product quality, for example. Many factors can affect competition in an economic system, including the values of consumers and decisions by government to become involved in decisions about supply and demand.
3. Economics
3.1. Economic System
3.1.1. An economic system is a way to solve the basic problem of scarcity. Different ideas about how best to organize an economy result in different economic systems.
3.2. Different types of Economic systems?
3.2.1. Mixed Economy
3.2.2. Market Economy
3.2.3. Planned Economy
3.3. Scarcity
3.3.1. in economics, the idea that land (materials), labour and capital (money) limit the supply of what people want and need
3.4. WHAT CREATES SCARCITY?
3.4.1. Land, Labour, Capital
3.5. Privately Owned
3.5.1. in economics, the part of the economy owned and controlled by businesses and individuals
3.6. Publicly Owned
3.6.1. in economics, the part of the economy owned and controlled by government and paid for by taxes
3.7. Shift Left
3.7.1. a shift on the economic continuum towards more government involvement in the economy. A shift left is usually described as taking a more liberal position.
3.8. Shift Right
3.8.1. a shift on the economic continuum towards less government involvement in the economy. A shift right is usually described as taking a more conservative position.