TERMS
FUNDAMENTALS
SUPPLY/DEMAND
BANK ON THIS
DOUBLE POINTS
100
basic requirement for survival
What is a NEED?
100
the basic problem facing all societies- not enough resources to match wants
What is SCARCITY?
100
Products and services available for consumption or use
What is SUPPLY?
100
Trade of goods or services without coins or bills is called this
What is BARTER?
100

Who can make businesses change their through boycott?

Us/The Consumer

200
Means of expressing a need?
What is a WANT?
200
To provide for needs, answer these questions: WHAT to produce, HOW to produce, and _____ ______ to produce?
What is FOR WHOM?
200
The need or desire for a product or service
What is DEMAND?
200
The goverment controlled national bank
What is the FEDERAL RESERVE?
200
tool, equipment or other manufactured good used to produce other goods or services
What is a CAPITAL GOOD?
300
Work performed for someone
What is a SERVICE?
300
Because a large part of economy is centered around the basic need of food, very basic economics center around this
What is AGRICULTURE?
300
Generally speaking (but not always), is supply is up and demand is down, price does this
What is DROP, or GO DOWN?
300
They tax the people
What is, or who is, CONGRESS?
300
A person who uses goods or services to satisfy wants or needs
What is a CONSUMER?
400
The efficoent use of productive resources
What is PRODUCTIVITY?
400
Societies who are the most developed serve others through this type of industry
What is SERVICE or SERVICE INDUSTRY?
400
If demand is up and supply is down, generally prices ....
What is RISE or GO UP?
400
They make monetary policy
What is the FEDERAL RESERVE?
400
If you buy something expensive to impress others, when a less expensive item would do just fine, you have practiced this type of consumption
What is CONSPICUOUS CONSUMPTION?
500
the sum of skill, abilities, health and motivation of people
What is HUMAN CAPITAL?
500
a risk taker in search of profits
What is an ENTREPENEUR?
500
If there is only one seller of a particular good or service, with no competitors, then this seller has this
What is a MONOPOLY?
500
They make fiscal policy
What is CONGRESS?
500
The branch of the Treasury Department that collects taxes
What is the IRS or the INTERNAL REVENUE SERVICE?
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