VISUAL 1

ECONOMIC CONCEPTS

Economic System: a collection of laws, institutions and activities, that provide a framework for economic decision-making

Command Economy: economic decision-making is made largely by a government authority

Market Economy: economic decision-making is made by individuals in the marketplace that reflects supply and demand

Scarcity: limited quantities of resources that are never enough to satisfy human wants

Andersonville Prison, Microcosm: Economics Lesson