Team Fruity

Definition of economy

  1. An economy is a system consists of the production, distribution or trade, and consumption of limited goods and services by different agents in a given geographical location. The economic agents can be individuals, businesses, organizations, or governments.

Jillian's Reasearch

The factors of production are the economic term to describe the things that are used in the production of goods. The factors of production are very important in industry. The factors of production include land, capital (money), labor, and entrepreneurship. Without the factors of production a business would surely fall.

Without the factors of production you couldn't produce goods because you couldn't. make anything without labor and land. And without goods, capital (money), and entrepreneurship you can't have a service. And without goods and services nobody will have a job or food. And without a job or food the life expectancy, literacy rate and GDP would go down. Resulting in the country going from industrialized to developing.

The Law of Supply and Demand // Super Bass Economics Parody

Supply and Demand Video. Found By:Sophie

Deans Research

Scarcity effects supply because you would run out of supply to create the product. It would effect the demand because it goes up. For example if you where to make a Hersheys kiss and you ran out of coco beans then you wouldn't be able to make anything and you couldn't sell any.

Sophie’s Research

Socialism: a person who advocates or practices socialism.

Communist Economy: an economy that supports or believes in the principles of communism.

Free Enterprise: an economic system in which private business operates in competition and largely free of state control.

"Free enterprise, also known as capitalism, is an economic system where the individuals in the economy have the freedom to create business and conduct economic activity with little or no government intervention. Capitalism is the predominant economic system of the world economy; the system has several important advantages that make it an efficient way to organize the economy."

Information from: http\\

It's Economics (Chris Brown "Look At Me Now" Parody: Supply and Demand Video Contest)

Economy Video. Found By: Blake and Dean

Shanaiya's Research

Both good and bad service doesn't matter as long as it's service!!!! and that's all of my info on goods and services