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The study of how individuals, institutions, and society make choices under the conditions of scarcity is..
Economics
Scarcity of fresh vegetables during the winter months can cause what kind of production problem?
Higher food costs!
What is the name for the economic condition that exists when people want more things than there are things to buy?
SCARCITY
These are use materials that are found on or in the earth and are used in the production of goods and services.
Natural Resources
This is equipment and factories used in the production of goods and services.
Capital
Command
Prices are determined by supply and demand..
Decisions are made by individuals..
These are examples of what kind of Economy?
Market
Consumers have economic power in this kind of market...
FREE Market
Traditional
A nation's workforce; the education and skills of its people..
Human Resources
A person who takes the risk of a new business..
Entrepreneur
What is an example of complementary products?
....
The Law of Demand is one of the most famous laws in economics. It states that when the price of a good rises, the quantity demanded ______________, and when the price of a good falls, the quantity demanded _____________.
falls -- rises
What is the role of consumers in determining what is produced in a market economy?
Consumers use their buying power to determine goods produced.
Which American socioeconomic class is impacted most by scarcity?
Poor, Middle Class, and Rich
What are the 4 factors of production?
Land Labor Capital Entrepreneurship
In a capitalist economy, who ultimately determines the answer to the economic question "What to produce"?
Consumer/Individuals
Which economic system does laissez faire favor? (Hands-Off Government)
Capitalism
What product is likely to have the MOST elastic demand?
Luxury items.. Non-essential.
_______ have inelastic demand since a change in price would not change the quantity demanded.
Life necessities or needs.