Basics of Economics
Things that people must have for survival.
What is a need?
In this type of economy, people are more likely to do the same job as their parents.
What is a traditional economy?
Actions or activities that are performed for a fee are known as _____________.
What are services?
This famous entrepreneur is the owner of Tesla and the social media platform X and also likes rockets.
Who is Elon Musk?
In this type of economy, individuals and privately owned companies make all of the economic decisions and the government is not part of the process.
What is a free market economy?
Something that someone would like to possess but isn't necessary for survival.
What is a want?
In this type of economy, the government owns all of the factors of production and provide the answers to 3 of the economic questions.
What is a command economy or centrally planned economy.
When a resource is hard to find it is said to be _____________.
What is scarce?
This famous "shark" was also the owner of the NBA Dallas Mavericks up until last year.
Who is Mark Cuban?
The economic system of the United States is most accurately described as a _____________ economy.
What is a mixed economy?
This speaks to the usefulness of a product.
What is utility?
In this economy, the 3 basic questions are answered by private individuals and privately owned companies.
What is a free market or market economy?
A good that is used to make other goods like a saw or a drill is an example of a ___________ good.
What is a capital good?
This country is communist in government but their economy is in transition from a centrally planned to more of a free market economy.
What is China?
What is Venezuela?
This is of vital importance in a Free Market system, in America, we tend to take it for granted much of the time.
What is freedom?
The economy of the US is most accurately described as this type of economy because the government makes some decisions when it comes to the economy.
What is a mixed economy?
When 2 or more businesses try to earn our business and get us to buy products from them, this is known as ___________.
What is competition?
When we go to the store and buy Grandma some new Nike kicks to run across the State of Texas, those shoes are this type of good.
What are consumer goods?
A person that starts their own business or invests their own money in businesses are called _____________.
What are entrepreneurs?
What will be produced? How will it be produced? and For whom are we producing it for? are all
The country of Venezuela is most accurately described as this type of economy.
What is a command economy or centrally planned economy?
The extent to which an economic model can accurately reflect data and identify the internal mechanisms of the economy would be called ____________.
What is economic predictability?
The ability of individuals, households and communities to meet their basic and essential needs sustainably.
What is Economic Security?
If Mr. Griscom goes to Academy and buys a Victor Wembayama jersey to wear to school on jersey day, which market is he using?
What is the product market?