Econ. Vocab. Part 1
Econ. Systems
Supply & Demand
Opportunity Cost
Econ. Vocab. Part 2
100
The way goods and services are produced and consumed
What is economy
100
The economic system is completely run by the government.
What is command economy
100
Apples are produced in the state of Washington and the country relies on this product. Recently, the apple orchards have become infested with a parasite that is killing the apples. The supply of apples has decreased significantly.
What is the price increases
100
You have a test tomorrow that you need to study for at least 2 hours tonight. Your best friend just invited you to dinner and a movie which will take more than 2 hours. You decide to go to the movies.
What is the loss of studying for the test.
100
Financial gain received by selling something for more than is cost to make it.
What is profit
200
Someone who acquires goods and services for his or her own personal use
Who is a consumer
200
This system is based on methods and traditions their ancestors have used
What is traditional economy
200
Company A has just released a new video game everyone has been talking about. Just 1 week later however, company B released a bigger and badder game. This new game is now all the hype and company A has too many video games and not enough people buying them.
What is price decreases
200
On your birthday, Aunt Sue gave you $200 to spend on anything you want. You are not sure if you want a new hoverboard or a drone. You decide to buy the drone.
What is the loss of the hoverboard.
200
The "thing" that motivates them.
What is incentive
300
Someone who makes goods and/or offers services to others.
Who is a producer
300
This economic system is based on individual's wants and needs with no government regulations.
What is market economy
300
A new fidget spinner has been released that lights up. They are in high demand and stores cannot keep them on the shelves.
What is price increases
300
You are given the opportunity to attend a lacrosse training camp the same week your family is taking a vacation. You decide to go to the lacrosse training camp.
What is the loss of going on vacation with your family.
300
Producers battling over who can make the most profit.
What is competition
400
The amount of something that is available and the number of consumers who want it.
What is supply and demand
400
This economic system is based on individual wants and needs, however the government also has goods and services to offer the individuals.
What is mixed economy.
400
A new study has proven that corn is the healthiest product you can use in all of your food. Although the supply of corn has remained the same, the demand has increased.
What is price increases.
400
You parents ask you to babysit your sister for $25 on Friday night. Your best friend's birthday party is the same night your parents ask you to babysit your sister. You decide to go to the party.
What is the loss of $25 from babysitting your sister.
400
The limited amount of resources available.
What is scarcity
500
The benefit you give up by choosing to do one thing instead of another.
What is opportunity cost
500
The United States is a market economy which is also known as this.
What is capitalist economy
500
A new phone is on the market right now and consumers are refusing to upgrade due to the design of the phone. The phone company has a huge supply of these phones and must get rid of them before the next new phone is released.
What is the price decreases.
500
There is a school dance on Friday and all your friends are going, but you have a dance competition the same night. You decide to go to the dance.
What is the loss of participating in the dance competition.
500
There is no competition in these 2 types of economic systems.
What are traditional and command economies
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