Basic Economic Terms
Types of Economies
U.S. Economy
Supply and Demand
Types of Business Ownership

100

The inability to satisfy everyone's wants because of limited resources

What is scarcity

100

The type of economy the U.S. has.

What is a mixed economy?

100

property owned by individuals with little to no government involvement

What is private property

100

Producers will make more when it can be sold for a higher price.

What is the Law of Supply

100

The three types of businesses

What are proprietorship, partnership, corporation

200

Earnings that are left after all expenses have been deducted.


Sales - Expenses =
What is profit?

200

The type of economy that is based on custom and tradition

What is a traditional economy

200

Rivalry between producers that leads to lower prices and higher quality

What is competition

200

Consumers will buy more when the price of the product is low

What is the Law of Demand

200

The type of business where one person is the sole owner.

What is proprietorship

300

the process for creating goods and services

What is production

300

The type of economy in which there is central ownership and very little consumer choice

What is a command economy

300

The term applied to the fact that the government can make some decisions but not all decisions in the economy

What is limited government

300

On a supply and demand graph, this represents how much is made or how much is bought of a particular item.

What is quantity

300

The type of business where two or more people share in the risks and the profits.

What is a partnership?

400

what is given up when a choice is made; the second best alternative

What is opportunity cost

400

The type of economy in which there is little to no government involvement

What is a free market economy

400

These exist whenever there is a buyer and a seller

What are markets

400

The line on the supply and demand graph that always slopes down.

What is the demand line

400

The type of business where anyone who invests is considered an owner and shares in the profits

What is a corporation?

500

the types of resources

What is natural, human, capital, and entrepreneur

500

The type of economy in which the government controls only the public sector. 

What is a mixed economy

500

Consumers determine through their purchases what the markets produce

What is consumer sovereignty

500

The line on the supply and demand graph that always slopes up

What is the supply line

500

A person who takes risks to produce a good and service for a profit.

What is an entrepreneur