Economies
Supply and Demand
Factors of Production
Unemployment
Inflation and Deflation
100
What type of economy has no government involvement?
What is Market economy?
100
When the quantity out numbers the demand
What is Surplus
100
3 examples of natural resources
What is wood, steel, agriculture, etc
100
When you dont have a job whether its by choice or not
What is unemployment
100
general increase in the price of goods or services
What is inflation
200
Type of economy with people that supply for themselves by hunting, fishing, and farming.
What is Traditional
200
tendency of suppliers to offer more at a higher price and less at a lower price
What is Law of Supply
200
all components necessary to produce a society's goods and services
What is factors of production
200
Measures number of people who are able to work but dont have a job during a given period
What is unemployment rate
200
can happen when an economy becomes too productive
What is inflation
300
A very strict type of Command economy
What is Communism?
300
Consumers buying more of a good at a lower price and less at a higher price
What is Law of Demand
300
Buildings, equipment, and factories
What is Capital resources
300
Temporary unemployment
What is Frictional
300
typically occurs during times of recession or economic crisis
What is deflation
400
What type of economy is the US?
What is Mixed economy
400
When supply and demand are equal
What is equalibrium
400
Example of an entrepreneurial service
What is Steve Jobs, the idea to make a potato into a chip, etc.
400
The worst type of unemployment
What is cyclical
400
What illustrates how a regular group of goods or services changes over time?
What is Price Index
500
a moderate command economy that allows you some freedom
What is Socialism?
500
A type of demand that creates very little change in demand and when does it occur?
What is inelastic demand? It occurs with things people need
500
One factor of production for each category to produce veggie straws
What is tomatoes/ vegetables, people who package the good, machines/ factory, and the idea to make vegetables into a chip.
500
The 3 main reasons for unemployment
What is frictional, structural and cyclical
500
Over time reduces the purchasing power of the DOLLA
What is inflation
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