2.1 Economics Environmental Science

Question: economics

Answer: the study of how resources are converted into goods and services and how these goods and services are distributed and used

Question: goods

Answer: are the manufactured materials and products that individual consumers and businesses buy

Question: services

Answer: that work that someone or a company does for others as a form of business, such as home repairs

Question: centrally planned economy

Answer: the government decides what is made, how it is made, and who gets what.

Question: socialist and communist

Answer: governments that generally operate under a centrally planned economy

Question: free market economy

Answer: individuals decide what is made, how it is made, and how much is made

Question: mixed economy

Answer: both the government and individuals play roles in choosing what is made, how it is made, and how much is made

Question: U.S economy

Answer: mixed economy that leans toward free market

Question: supply

Answer: the amount of product offered for sale at a given price

Question: demand

Answer: the amount of product people will buy at a given price if free to do so