Name: Paige Meredith
I. Goods and Services
Goods: physical objects that satisfy human wants
Examples: Car, computer, phone, bike, clothes
Services: actions or activities one person performs for another
Examples: waitress, server, cash
Economic Systems: Part II
I. Mixed Economic Systems
every economy has some mix of the traditional, command, or market
economy. However, the mix can be quite different.
a) developed as feudalism was breaking down i
Intro to Economics
I. What is Economics?
The study of how limited resources are used to satisfy peoples unlimited needs and wants.
Economics focuses on the analysis of how goods and services are produced, distributed,
Name: Paige Porter
Congratulations! LCS is giving every Economics student $1000 to spend on anything you would
like to purchase. List below everything that you would like to buy with this money so we can go
get it for you: