Basic Concepts
What is the study of how people meet their wants and needs called?
Economics
A skilled human worker is referred to as this.
Human Captial
The amount of goods available in the market is called this.
Supply
Extra goods or products are called this
Surplus
The three basic questions economists ask are: What to produce, how to produce it, and who will _____________ it.
Who will consume
A person who buys and uses goods and services is called this?
Consumer
Land, labor, capital, and entrepreneurship are all examples of this.
Facotrs of Production
Consumer willingness and ability to buy products is called this?
Demand
Goods coming into a country from another country are called imports.
Import
A person who makes goods or services is called this.
Producer
Limited supply of something; this is the root of Economics?
Scarcity
Anything used to make a finished product is called this?
Capital Resource
The exclusive control of the supply of or trade in a good or service is called this.
Monopoly
Goods leaving a country to be sold to other countries are called this.
Export
In a traditional economy, how do people trade goods?
Bartering
The exchange of one good or service for another is called this.
barter
A person who starts up and takes on the risk of a business is called this?
Entrepreneur
In a market economy, who answers the three economic questions?
What are Private Citizens
Give an example of barter?
Trading lunch for a friends snack
A government-controlled economy where the government owns property, sets prices, and determines wages is called this.
Command Economy
When we choose to satisfy our wants, we must give up something else. This is called?
Opportunity Cost
Focusing on the production of a limited range of goods is called what?
Specialization
In a command economy, who makes all the economic decisions?
Government
An economy based on customs and traditions where people grow their own food and make their own goods is called this.
Traditional Economy
Decisions are based on changes in prices between buyers and sellers, and the government has no control over the economy in this type of system.
Market Economy