A Little Bit Of Everything
Scarcity
Economic Systems
Specialization
Supply and Demand
100
When determining the Pros and Cons of a choice, we consider.
What are cost and benefits
100
The desire to have more and more even though you have everything you want.
What is unlimited wants?
100
the 3 fundamental questions
 What is ....What to produce, How to produce, for Whom to produce?
100
Resources created by people to help them produce things
What are capital resources?
100
Place where the buyers and sellers interact.
What are markets?
200
Important part of decision making is to think about
What are present and future consequences?
200
Things that people make.
What are goods?
200
Government answers the 3 fundamental economic questions
What is a command economy?
200
The work force
WHat are human resources?
200
The price at which the quantity demanded by consumers equals the quantity supplied by producers.
What is the equilibrium price?
300
Goods from foreign countries brought into a country for use or sale
What are imports?
300
The goods and services that each society can produce at any one moment.
What is limited resources?
300
Farmers grow just enough crops for their immediate family members
What is subsistence farming?
300
Concentrating on producing whatever they make best.
What is specialization?
300
WHen the price drops on product.
WHat is more competition?
400
Materials found in nature
What are natural resources?
400
Actions that people perform for others.
What are services?
400
The interaction of producers and consumers.
What is a market economy?
400
Nation A produces cars more efficiently than it can grow food crops.


Nation A produces cars and buys food from Nation B.

What is specialization?
400
This group controls the supply.
What are producers?
500
Goods and services sold by producers in one country to buyers in other countries.
What is an export?
500
Goods that are used up quickly, such as food, toothpaste, hairspray. The goods are used over and over again.
What is consumables?
500
capitalism, free enterprise system are examples of this
What is a market economy?
500
Nation A can manufacture computers more efficiently than it can grow food crops.


Nation A sells its computers to Nation B. It also buys food from Nation B.

WHat is trade?
500
The 2 basic "laws"  for the foundation of market economy.
What is The Law of Supply and the Law of Demand?
M
e
n
u