Vocabulary Red
A limited suppy of resources
Scarcity
The way an economic system is arranged
economy
In December, people want to buy Christmas trees. Is the demand higher or lower in December than in July?
Higher
Water, plants, sunlight are all examples of a
Natural resource
The most common type of economy
Mixed
How many people want the goods that are available.
Demand
A scale that ranks economies from 0-100
Economic continuum
On December 26, is Santa's toy supply higher or lower than on December 23?
lower
Ingredients, farm equipment, school desks are examples of
Capital resources
Limited or no government involvement
Market economy
Something that someone does for another person.
Service
Things that are bought and consumed or used
Goods
Santa has many elves to help him prepare for Christmas. What economic term do we use to define what the elves provide?
Service
Farmers, construction workers, nurses are examples of
Human resources
Government makes all the decisions
Command economy
The amount of goods available at any given time
Supply
To send goods out of the country
Export
The gifts that Santa leaves for children can be felt and touched, which is called
tangible
Santa and his elves are an example of what type of resource?
Human
Economy based on supply and demand
Market economy
To bring goods into the country
Import
the value of the next best alternative
Opportunity cost
You and your parents go to the grocery store to get supplies to make cookies for Santa. What economic term refers to what you are buying?
Goods
Santa's toy shop and all the tools inside are an example of what type of resource?
Capital
A blend of market and command economies
Mixed economy