These three things combine in the production process
Land Labor Capital
100
If it costs you 7 dollars to make a hat, and you sell that hat for 25 dollars. What is your profit?
18 dollars
100
In this type of economy, customs determines how the major economic decisions are answered.
Traditional Economy
100
A term used to describe when resources cannot meet demand
scarcity
100
Name 3 of everyone's most basic wants
Food Clothing Shelter
200
How does technology affect the cost of production?
Decreases production costs
200
What is the first major economic decision?
What and How much?
200
North Korea is an example of a _______ economy, or an economy run by the government
What is command
200
The Practical Application of science to commerce or industry
Technology
200
This term is simply "HOW MUCH"
Quantity
300
After production, goods are __________.
Distributed/Distribution process
300
What is the second economic decision?
How to produce
300
The United States is an example of a ________ economy, which is also the most popular type of system in the world.
Mixed
300
What is it called when you put money or effort in to a business in order to make a profit?
Invest
300
By what two names is Market Economy also known as?
Free Enterprise / Capitalism
400
Why is technology in the production process a good thing for the consumer?
Goods and services cost less
400
What is the third economic decision
Who gets what
400
This economy features a lot of Freedom and capitalism
Market
400
tools used to produce goods and services is also known as ___________.
Capital
400
Is capital Time, Skills, Or Machinery in the production process?
Machinery
500
which is considered the LAND:
a: A Factory that houses the product
b: The Materials used in making the product
c: the Machinery used to put the product together
B: Materials Used
500
Who makes the first economic decision in a Market Economy?
Owner of resources
500
The major incentive in a market economy is _______.
Profit.
500
DAILY DOUBLE --- PEW PEW PEW PEWWWW!
** Make a wager. You must wager something. Remember, the Category is Vocabulary.
This term describes the benefit LOST when scarce resources are used for one purpose instead of another
500
What influences how a society makes the three basic economic decisions