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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