PRICES
A customer wants Nike shoes but buys Adidas instead because they are cheaper. In economics, the second choice, or what you missed out on, is called this.
What is Opportunity Cost?
This is an item made by a business, or an item made in a factory. It is another term for a "good".
What is a Product?
This is the extra money a business keeps after paying for all the costs of making or selling something.
What is a Profit?
This is the cycle or the act of exchanging one thing for another, such as a good.
What is Trade?
Companies trying to beat each other with better products and lower prices is called this.
What is Competition?
This is skilled person who takes a risk to start a business.
What is an Entrepreneur?
This is someone who creates a good using resources available to them. This could also be a business.
What is a Producer?
Our current economic system goes by three general terms - Capitalism, Market Economy, and this term. What is it?
What is a Free Enterprise System?
Products that are brought into a country and products that are sold to another country.
What is Import and Export?
After reading The Wealth of Nations, many countries slowly moved away from mercantilism and toward free market systems. Name the economist who wrote the book.
Who is Adam Smith?
This word describes how much of a product is available for consumers to buy.
What is a Supply?
These are messages or promotions designed to persuade people to purchase a product or service.
What is Advertising?
Under which sector do Firefighters, Park Rangers and Librarians work for?
What is the Public Sector?
In 1973, Pepsi-Cola changed Mountain Dew’s image and focused on younger consumers with slogans like “Do the Dew.” In marketing, this is the specific group of people a company wants to sell to - it is called this.
What is a Target Market (or audience)?
This is a product that mainly copies another successful product instead of being unique.
What is a "Me-Too" Product?
If the government sets a price ABOVE the normal market price, businesses may end up with too much product left over. What is this called?
What is a Surplus?
Henry Ford changed the manufacturing process forever in the year 1913 with his invention of this.
What is the Assembly Line? (or moving assembly line)
Economics tries to answer these four basic questions: 1. What's going to be made? 2 Who's going to make it? 3. What will it cost? And this final question.
"Who's Going to Buy it?"
When countries, businesses or people rely on one another for success.
What is Interdependent?
This specific business strategy tries to avoid competition by creating a brand-new market space, or an untapped market.
What is Blue Ocean Strategy?
You wanted to buy a popular toy, but due to high demand there were not many left. The situation of this product is temporary. What is the correct term for this?
What is a Shortage?
Natural Resources, Human Resources, and Capital Goods together are known as these.
What are Productive Resources?
When prices rise too high or become unstable, this group can step in and set price controls to help stabilize the economy.
What is the Government?
A basic economics problem - the gap between limited resources and endless, never-ending wants.
What is Scarcity?
The "ability" of a business to change, grow and adapt over time without losing profits or workers.
What is Scalability?