Needs/Wants
An example of a need
What is food, water, shelter, etc..?
What is scarcity?
What is a command economy?
The people who buy and use goods.
Who are consumers?
An association of marketing students.
What is DECA?
An product that you can see and touch
What is a good?
A process that helps you make decisions.
Owners of the economic resources in a market economy.
Who are all of the people of the country?
The companies and individuals who create and sell the products that people need/want.
Who are producers?
Three levels including Districts, State, and Internationals
What is competition?
People who produce goods and services
Giving up something for something else
What is a trade-off?
The right to own anything you want and decide what you want to do with it, as long as it does not violate the law
What is private property?
Businesses will want to produce more as the price ________.
What is increase?
An advantage to joining DECA
What is boost college/job application or serving the community or growing business/marketing knowledge?
What is unlimited and limited? (must be in that order)
The opportunity cost if you go to a movie instead of going bowling.
What is bowling?
The US economic system.
What is market economy?
As many companies begin producing a product in relatively high demand, price will ___________
Areas you can compete in DECA
What is finance, marketing, hospitality, management, and entrepreneurship?
List the three types of resources and and example of each for a t-shirt.
What are natural, human, and capital resources? Examples vary (natural: cotton, human: the factory workers, capital: the factory that the t-shirt is made in)
List the steps in the economic decision making.
What is (1) Define the problem, (2) Identify the choices, (3) List advantages and disadvantages of each, (4) Choose the best alternative, (5) Act on your choice, (6) Review your decision?
List the three economic questions
What are (1) what to produce, (2) how to produce, and (3) what wants and needs to satisfy?
The point where supply and demand curves cross.
What is market price?
What is community service, connecting to business, and competition?