A production process, a method of using economic input or resources, capital or land to provide goods or services to customers, Factors of production, natural resources, labour, capital, enterpreneurship, Need, something you have to have, something you can't do without. A good example is food. If you don't eat, you won't survive for long. Many people have gone days without eating, but they eventually ate a lot of food. You might not need a whole lot of food, but you do need to eat., Wants, something you would like to have. It is not absolutely necessary, but it would be a good thing to have. A good example is music. Now, some people might argue that music is a need because they think they can't do without it. But you don't need music to survive. You do need to eat., Producers, people who make, prepare, provide and sell goods or services to others., Consumers, people who buy goods and services., Traditional Economic System, tradition, no government involved, less or no competition, Market Economy, competition, decisions and preferences of people, Command Economy, government involed, makes decisions and distributes resources, North Korea,, China, Mixed Economy, blended/mixed system, government regulates for example minimum wages, Economic Systems, traditional, market, command, blended, Shortage, a state or a situation when there is not enough products or services to sell or provide for people at a current price., Surplus, a state or a situation when there is to much or too many of something to sell or to offer to customers at a current price., Three Basic Economic Questions, What will be produced?, How will it be produced?, For whom will it be produced?.

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