Economy Types
The economic system most values the goal of freedom
What is market economy?
manufactured goods used to produce other goods and services
What is capital?
Basic requirements for human survival
What is a need
According to their laws supply and demand work in __________ ways when reacting to price
What is opposite
refers to all the materials available in our environment which help us to satisfy our needs and wants
What is a resource?
All three economic questions are answered by customs & traditions
What is a traditional economy?
Farms
What is land
the study of the decisions that go into making, distributing, and using goods and services.
What is economics?
Producers
Who sets supply
when you give up something to have something else.
What is a trade off?
based on the level of government involvement in the marketplace
What is labor
a situation in which the demand for a product or service exceeds its supply in a market
What is a shortage
the point where supply and demand are equal
What is market price
What is the difference between value and cost
The US's economy type
What is a mixed economy
Oprah
What is entrepreneurship
the value of what you give up to get something else
What is opportunity cost?
Price of inputs, technology, number of suppliers, and taxes
What are the factors that impact supply
requiring that people decide which goods and services to use or not use due to limited resources and unlimited wants
What is scarcity
What, How, and For Whom
What are the three key economic questions
Land, Labor, Capital
What is value?
Price has little influence on demand
What is inelastic demand
compliments, tastes, population, income, and subsitutes
What are the five factors that impact demand
the change in total production cost that comes from making or producing one additional unit
What is marginal cost