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Economic terms

Mr. Hoskins: Myles King
Horizontales
The way a society coordinates its production, distribution, and consumption of good.
First & oldest economic system, methods of production are inefficient.
A system used to manage limited resources for production.
Newest economic system, Economic decisions made by individual cooperation's and contain private ownership.
Verticales
The study of how people choose to use limited resources to satisfy their unlimited wants.
Benefit or value of the choice you didn't take. Benefit of what you gave up.
The ability and willingness of the producers to offer products for.
Decisions are made by powerful government or ruler, Gov owns factors of production.
Limited resources force people to make choices and force sacrifices when they have to choose.
The desire, ability & willingness to buy a product.