Economics
When the demand for a good or service is greater than the availability of the good or service.
This is having a limited quantity of resources to meet unlimited wants.
what is scarcity?
When you give up going to a party to stay in and study for a test in order to get an A+.
What is an opportunity cost?
Goods that are sent to other countries to be sold.
What is an export?
The direct trading of goods and services between people without the use of money
What is barter?
Pieces of paper that represent money in the bank that you use to pay for things.
What are checks?
People or businesses that buy or consume products and services.
What is a consumer?
Something done in exchange for money
What are services?
Products that can be bought or sold
What are goods?
Refers to how many people want those goods and services.
What is demand?
A computer tool students use almost every school day online
What is Google Classroom?
People or businesses that make and manufacture raw materials into goods and services.
What is a producer?
The study of how people meet their unlimited needs and wants with limited supply
What is Economics?
The number of goods and services that are available.
What is supply?
a required amount of money that people must pay the government to fund government public works projects
What are taxes?
A set of rules about how parts of the economy should function
What are regulations?
An economic system in which the government makes all the economic decisions and sets all the prices and wages
What is a command economy?
Still workingWhich economic system fits into a democratic government?
Mixed or Market
Goods brought into a country to be sold.
What is an import?
A reason or reward that motivates people to behave or do something in a certain way.
What is an incentive?
The main types of economic systems
What is
1) traditional economy
2) command economy
3) market economy
4) mixed economy
Borrowing money with the intention of paying it back
What are loans?
When you buy a small piece or many pieces of a company
What is a share or stock?
When you pay extra money on a loan or credit card.
What is interest?
The process in which businesses begin to operate internationally
What is globalization?
Down payment, monthly payment, gas, insurance & maintenance
What is the true cost of owning a car?
When you endorse a check.
What is a signature?
Linked to a checking account and it's like a credit card.
What is the debit card?
Use this to record your checks.
What is a check register or register?
This is where you write what you bought on the line.
What is the memo for the for line?
It's not a checking account, but you put your money in the bank in order to save it for a rainy day.
What is a savings account?
Products that go together like salt and pepper.
What are complements?
When you can replace one item for another such as pretzels instead of chips.
What are substitutes?
When you do a job for somebody, who's such as cleaning your house or fixing a car.
What our services?
A period of time when prices of good services are extremely high.
What is inflation?
When jobs are scarce so many people don't have them.
What is unemployment?
When one company dominates an entire industry.
What is a monopoly?
When is supply a good or service doesn't change because of the demand.
What is inelastic supply?
Money made in business after all the bills have been paid.
What is profit?
Supply of a good or service changes due to demand.
What is elastic supply?
Study of the economic factors of an entire nation and or the world.
What are macro economics?