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Scarcity
The idea that available resources (land, labour, capital, entrepreneurship) are limited and unable to satisfy unlimited human needs and wants.
Economic System
A way a society organizes production and distributes resources, deciding what to produce, how to produce it, and who receives it.
Many real economies are mixed, but a core distinction is how decisions are made.
Command Economy
An economic system where key production and allocation decisions are mainly made by the government through planning and direction.
Market Economy
An economic system where production and allocation decisions are mainly determined by markets and the price mechanism.
Three key components are slavery, feudalism, and fommunism
Slavery
A system in which people are treated as property or are deprived of freedom and compelled to work through violence or coercion.
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Paywall
(on a website) an arrangement whereby access is restricted to users who have paid to subscribe to the site.
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