Vocabulary
Making more money than your expenses cost
The Consumers make the decisions
FM
Steve Jobs
Apple
The United States is a _____ Economy
Free Market or Capitalist
Basic question #1
What to produce?
Loss
Making less money than your expenses cost
The Government is in control
Command
Bill Gates
Microsoft
In a Free Market System the _____ make the Economic decisions
Consumers
Basic Question #2
How to Produce?
Capital
goods and products used to make goods and products
The employee works to earn money
FM
Elon Musk
Tesla
Another word for business man is an _____
entrepreneur
Basic Question #3
Who consumes the product?
Scarcity
the concept that all resources are limited
The worker works for the good of the people
Command
Jeff Bezos
Amazon
Inflation is ______
When the price of an item exceeds its normal value
What is the opposite of a Free Market Economy?
Communism or a command economy
Opportunity Costs
the giving up of one alternative for another
Taxes
Both
Sam Walton
Wal Mart
An employee is an example of _____
Human Capital
What is the name of agency that tries to control inflation?
Federal Reserve