Vocab I
_________ is the process for creating goods and services
What is Production?
The structure of methods and principles that a society uses to produce and distribute goods and services.
What are Economic Systems?
These are the three essential economic questions that each economic system answers
What are
1. What to produce?
2. How to produce?
3. For whom to produce?
Companies strive for a greater share of the market
What is Competition?
Mr. Knecht's favorite football team
Who are the Philadelphia Eagles?
____________ is the belief, customs, traditions, and values of a particular nation, people, or social group
What is culture?
These are goods and services provided by the government for the use of all people.
What are Public Goods and Services?
In a _______ economy, the three essential questions are answered by individuals
What is market?
Property owned by individuals and businesses, not by the government
What is private property?
Mr. Knecht's favorite baseball team
Who are the Boston Red Sox?
A ________ _________ uses supply and demand to help determine the ideal quantities and prices for most goods and services in the economy.
What is a market economy?
In economics, it is a group of buyers and sellers of a good or service and the institution or arrangement by which they come together to trade.
What is a Market?
In a ________ economy, the three questions are answered by a central government?
What is command?
The financial gain made in a transaction
What is profit?
Mr. Knecht's favorite basketball team
Who are the Miami Heat?
A person who organizes and operates a business or business, taking on greater than normal financial risks to do so.
What is an entrepreneur?
They are considered normal and expected about how people do things in a specific country.
What are Customs?
In a _________ economy, the three questions are answered by traditions and customs
Mr. Knecht's job (content area) before he taught personal finance?
What is Phyiscal Education?
A model that shows the flow of goods and services and the interaction among households, businesses, banks, and governments
What is a circular flow model?
Is how products get from where they are manufactured to where they are purchased.
What is Distribution?
In a ________ economy, the three questions are answered by individuals with government involvement
What is mixed?
Buyers and sellers freely engage in trade
Mike, Ike, and Simba
Who are Mr. Knecht's cats?