ESSENTIAL ESSENTIAL ELEMENTSELEMENTS

OFOF

ECONOMICS ECONOMICS By Suzanne Delahanty VPSS Soc. Science T2 Week 5

1

CompetitionPricing

Exists when there are not enough resources to satisfy human wants

2

Four Factors of ProductionFour Factors of Production

3

Four Types of Economic Systems

4

Seven Fundamentals of Market Economy

5

Four Components of an Enterprise / Capitalist System

6

Factors Affecting Demand

7

Factors That Affect or Change Supply

8

Factors That Affect Prices

9

Characteristics of Perfect Competition

10

Protections For Consumers

11

12