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Key Terms Instructions: Please define the following key terms. Show Who? What? Where? When? Why Important?
artisans
Economic Systems
The methods and principles societies use to allocate scarce resources and distribute goods and services, including capitalism, socialism, and communism among others.
Command Economic System
In this type of economic structure, a central government or authority is responsible for making decisions about how goods and services are produced and distributed.
Goods And Services
Physical products and intangible activities that fulfill the needs or wants of consumers, forming the basis of all economic activity.
Production Possibilities Curve
A graphical representation that shows the different combinations of two goods or services that can be produced within a given resource constraint.
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