NEEDS, WANTS & RESOURCES
Anything used to produce goods and services is called this in economics.
What is a resource?
In this economic system, the government makes most production decisions.
What is a command economy?
According to this law, as price increases, quantity supplied increases.
What is the law of supply?
This type of good is one where demand increases when consumer income increases.
What is a normal good?
This is the market where goods and services are bought and sold between businesses and households.
What is the product market?
Which economic indicator helps us understand how the stock market is doing?
What is is the Dow Jones Industrial Average?
This is something you must have to survive, like food or shelter.
What is a need?
This economic system relies on customs, traditions, and past practices to determine production.
What is a traditional economy?
According to this law, as price increases, quantity demanded decreases.
What is the law of demand?
A table showing the different quantities consumers will buy at various prices is called this.
What is a demand schedule?
In the circular flow model, households supply this to businesses in exchange for income.
What is labor?
This measures the total value of all goods and services produced in a country in a given period.
What is the GDP?
A luxury car or designer clothing would be an example of this, not a need.
What is a want?
This system relies on individual choice and price signals to determine production and is used in most developed nations.
What is a market economy?
This occurs when quantity demanded equals quantity supplied and there's no pressure for prices to change.
What is market equilibrium?
Which determinant of demand is an example of people wanting more of something when a celebrity or well-known athlete endorses that product?
What is taste and preferences?
Total income from selling goods and services is called this for a business.
What is revenue?
A major limitation of GDP is that it does NOT account for this.
What is environmental damage / quality of life / pollution?
These four factors of production include land, labor, capital, and this.
What is entrepreneurship?
Most developed nations today operate under this type of economy, which combines market and government elements.
What is a mixed economy?
This situation exists when quantity demanded exceeds quantity supplied, causing prices to rise.
What is a shortage?
Improved farming technology would cause the supply curve for wheat to shift in this direction.
What is to the right / increase?
Payment to workers for their labor is called this.
What is wages?
The interconnectedness of the worlds economies.
What is globalization?
Money in a bank account is NOT this type of capital; tools and machines are.
What is physical capital?
This concept describes how self-interest and competition lead to efficient market outcomes without government control.
What is the invisible hand?
This situation exists when quantity supplied exceeds quantity demanded, causing prices to fall.
What is a surplus?
A terrible virus has spread around a cruise ship. What would this scenario do to demand for cruise ship vacations?
What is shift demand to left or decrease?
This market is where labor and other factors of production are bought and sold.
What is the factors market?
One positive aspect of globalization is that is has been able to pull many people out of.
What is poverty?