Economics
Scarcity
What is the shortage of resources?
Products that people consume or use
What are goods?
Why is the price of natural gas so high?
What is the war in Ukraine?
Things in nature that people use
What is a natural resource?
Shortage
What is When the quantity demanded is higher than the quantity supplied?
In countries such as Cuba and North Korea, the government makes most of the decisions about what will be produced, how it will be produced, and for whom.
Command
The amount of a good and/or service that businesses produce
What is supply?
Where the supply and demand slope cross.
What is equilibrium?
This is another way to refer to Land.
What are natural resources?
What will be produced?
How will it be produced?
For whom will it be produced?
An economic system in which the government controls and sets prices.
What is a command economy?
Must own private property; Working out of one's own self interest
What is capitalism?
The two factors make up a supply and demand chart
What are price and quantity?
This is another way to refer to Labour.
What is Human Resource?
Econimics
What is the study of the way society uses its resources to satisfy its wants and needs?
The direct trading of goods and services between people without the use of money
What is traditional?
Someone who makes goods or provides services
What is a producer?
This helps protect employee rights, stops monopolies, and holds companies accountable
What is government regulation?
This is another way to refer to Capital.
What are man-made resources?
TINSTAAFL means...
What is there is no such thing as a free lunch?
A system that protects private property and allows a level of economic freedom in the use of capital, but also allows for governments to interfere in economic activities in order to achieve social aims.
What is a mixed economy?
Someone who buys goods and services
What is a consumer
Value of the thing given up when a choice is made between two things
What is opportunity cost?
Entrepreneurs
What is the driving force of the economy?