Economic Basics
What are basic things we must have to live?
What are Needs
Who are people who create of provide a certain good or service?
What are producers
What are goods or services that your country buy from another country?
What are imports
Work that people do and is based on long established customs is which type of economic systems?
What is traditional economy
Any place where a community is established is what?
What is a settlement
What are things we would like to have to make life more fun, but can live without?
What are Wants
Who are people who buy goods and services?
What are consumers
What are goods or services that your country sells to another country
What are exports
When the government controls the economy this is what kind of economic system?
What is command economy
An area where cities and large populations is what?
What is urban
What is economics?
What is the system of producing, selling, and buying goods and services
The relationship between this determines how much you pay for something.
What is supply and demand
A country's wealth is based largely on its what?
What is industry
When individuals and business are free to buy and sell what they wish with little interference from the government, this is what type of economic system?
What is market economy
An area outside of the cities and in the countryside is what?
What is rural
When there are not enough resources to meet people's wants . . .
What is scarcity
When do prices go up?
What is when there is ahigh demand and low or steady supply
What is the type of farming where large farms produce huge amounts of crops and raise large herds?
What is commercial farming
What is a mixed economy
A spatial pattern that is grouped along the length of a resource like a river is?
What is linear
Physical objects that are produced is what?
What are goods
When do prices go down?
What is there is low demand and high or steady supply
What type of farming allows farmers to grow only enough to feed themselves and their families?
What is subsistence farming
The value of all goods and services produced within a country in a single year is what?
What is Gross Domestic Product (GDP)
A spatial pattern that is grouped around or at the center of a resource is?
What is cluster