Economics Terms
The amount of money exchanged for a good or service
price
Oil
Water
Wheat
Natural Resources
The amount of a good or service that consumers are willing and able to buy at certain prices is known as
EXTRA *100
What does Ms. Deal say to help remember the definition.
What is DEMAND?
The type of economy a country has is determined by the -
*EXTRA 100*
Name all of the economic systems
the amount of government involvement it has
The amount of a good or service that producers are willing and able to sell at a certain price is known as
EXTRA *100
What does Ms. Deal say to help remember the definition
What is SUPPLY?
Using of goods and services
Consumption
When Sara goes shopping, she only has enough money to buy a shirt instead of the pants she wants. Her selection of the shirt is called-
*DOUBLE JEOPARDY*
What are the pants known as?
Choice
If the new toy shop has new toys to sell (so supply is up) but nobody is buying it (demand is down), the price will do what?
What is DROP, or GO DOWN?
In a command economy, there is a lack of
individual choice
Available resources and consumer preferences determine ?
what is produced
The combining of resources to make goods or provide services is -
*DOUBLE JEOPARDY*
Give the definition of Resources
production
I am building a house- I will need tools and a bulldozer. These are ____ resources.
Capital
The interaction of supply and demand determine
price
Free Market economies rely heavily on (think Dealin' with the Dough and Madaloni Pies)
Competition
My family has been making pottery for four generations- this is an example of which type of economy?
Traditional
not enough resources to match wants (when demand is higher than supply)
Scarcity
Consumer preferences and price determine what?
what is purchased and consumed
According to the Law of Demand, consumers are likely to buy more goods and services when prices are?
Lower
This economic system is based on customs and historical precedent that their grandparents and parents do
Traditional economy
According to the Law of Supply, producers will produce less when they can sell goods and services at
Lower Prices
The point where supply and demand meet is known as
Equilibrium price
A family opening up the restaurant "Dealin' With the Dough" is an example of which resource
Entrepreneurship
If everyone is buying the new toy at the toy shop (demand is up) but the toy shop is running low on the toys (supply is down),then the prices will....
What is RISE or GO UP?
In a mixed economy, individuals and the government -
A) share the decision-making process.
or
B) compete for resources and consumers.
A) share the decision-making process
The most common type of economic system is a (an) _______.
Mixed economy