This and That
Refers to the economic problem of having limited resources with unlimited wants
What is scarcity?
The United States
What is a Mixed Economy?
Price when parents all want to buy the newest video game
What is the price goes UP?
2 or more owners who share profits and risks
What is Partnership?
Water, peanuts, sugar cane, renewable, non renewable
What are Natural Resources?
The 3 parts of the Economic or Circular Flow
What are Households, Businesses, Government?
Consumer sovereignty, little to no government involvement
What is Free Market Economy?
When workers produce more, in excess, this happens to the price
What is the price goes DOWN?
Most common type of business in America
What is Proprietorship?
These tools, machines, warehouses are used in producing Reese's Peanut Butter Cups
What are Capital Resources?
Buying and selling goods and services by nations, individuals, and businesses takes place here.
What is the global economy or worldwide markets?
North Korea and Cuba
What is a Command Economy?
The interaction of supply and demand determine this
What is price?
Owning a share or having stock in a business
What is Corporation?
Skills, knowledge, and abilities of people like nurses, quality control managers and teachers
What are Human Resources?
Paying interest on deposits, making loans
What are banks, credit unions or private financial institutions?
Farming, weaving, trapping/hunting, from generation to generation
What is a Traditional Economy?
Supply comes from the ___________, and demand comes from the _____________
What is supply from PRODUCER and demand from CONSUMER or BUYER?
Entrepreneurs take________to produce and sell goods in order to make ________
What is take RISKS and make PROFITS
New, innovative idea for business
What is Entrepreneurship?
Reason VA and the U.S. participate in international trade to...
What is increase wealth $$?
Individuals and businesses make private sector decisions while government makes public sector decisions...working together
What is a Mixed Economy?
The point where supply and demand meet
What is Equilibrium Price?
Proprietorship, Partnership, Corporation
What are types of Business Ownership?
Natural Resources, Human Resources, Capital Resources, Entrepreneurship Resources
What are Factors of Production?