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Created with Fabric.js 1.4.5 Scarcity:means people have unlimited needs and wants butlimited resources to suffice those needs and wants. (ie usuallylimited edition things are more expensive than non limited things)market economy: Goods and services are produced strictly by supply and demand, so things in high demand will have more in production so they soon become less scarce.mixed economy: The economy is more planned so that high demand for one item does not shut down production of other items to meet demand. Some things may stay more scarce for longer but other needed items will still also be produced. Factors of production: what to produce, who to produce it for and how to produce it. This is very closely tied to supply and demandmarket economy: When demand increases production will increase as cheaply as possible (China) for whoever is willing to pay the most for the items, production of other items may be discontinued or decreased to be able to produce more of the high demand items.mixed economy: When demand for some items goes up, production of those will be increased somewhat but not at the expense of the production of other items still needed but at a lower demand. Supply and demand:Supply is what you get and demand is what you want, generally if the demand increases supply willincrease along with it because people see an opportunity tomake money. But if the item in demand is very scarce(ie diamonds) the price just goes up because supply cant increase.market economy: When demand increases production will increase as cheaply as possible(China) for whoever is willing to pay the most for the items, production of other items may be discontinued or decreased to be able to produce more of the high demand items.mixed economy: When demand for some items goes up, production of those will be increased somewhat but not at the expense of the production of other items still needed but at a lower demand. Government regulation: Governments regulate what businessesand corporations can and can't do to keep the environment,consumers and the workers safe.market economy: There are some safety regulations in place but intervening in industry is fairly limited.mixed economy: There are a fair number of regulations and rules to keep the workplace as well as the consumers safe. It is not justhumans they are trying to keep safe it is also our environment. Publicly owned: Businesses or companies that are owned by the government which is able to own it because of the taxes from the public they use to invest in companies (ie Alberta Health Care)market economy: In a market economy there are very few publicly owned businesses or companies.mixed economy: There are many publicly owned businesses and companies in a mixed economy. Privately owned: Is owned by someone who does not work for the government. (ie Private Health Care Companies)market economy: Market economies have mostly privately owned corporations and businesses.mixed economy: There more privately owned then publicly owned businesses but the ratio of private to public is closer to being even. Competition: Is a company doing the same thing as another company but trying to do it for less money so that they can sell more units for less money, sell more than the other company and overall make more money and possibly even drive the other company out of business.market economy: Competition can get out of control because there are so few government regulations. (ie US mortgage crash)mixed economy: There are more government regulations to keep competition from getting out of control.
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