Free Enterprise System
Nick, Trent, Mitchell, and Peyton
-allows people to own their own buisness instead of the government and the importance of entrepreneurs because they promoted economic growth and freedom.
The total amount of money made when comparing the cost of making the product and the amount it sells for.
Producers and Consumers
Producers- are the people who make and sell the product
Consumers- the people who buy the product
Law of Supply and Demand
1. If the demand increases and supply is unchanged, a shortage occurs, and the price will be increased
2. If demand decreases and supply is unchanged, a surplus occurs, and the price will decrease
3. If demand is unchanged and supply is increased, a surplus occurs, and the price will decrease
4. If demand is unchanged and supply decreases, a shortage occurs, and the price increases
Father of economics.
Creator of the idea "laissez-faire" meaning the people should do what they want
Believed in the idea of the "invisible hand" which is the self regulating behavior of the market place. He believed in the competition between companies. He believed that the government shouldn't intervene with businesses.