Economic Decisions
Economic Systems
Economic Roles
Economic Cycle
Misc.
100
Necessary things for survival.
What are needs?
100
Determining what goods and services to be produced, how they are to be produced, and for whom.
What are the 3 Economic Questions?
100
The Consumer, Worker, and Citizen.
What are the 3 Economic Roles?
100
A business decrease.
What is recession?
100
Dividing GDP by the total population.
What is GDP Per Capita?
200
Getting a haircut.
What is an example of a service?
200
Custom Based, Directed, and Market.
What are the 3 Economic Systems?
200
Something needed by a community and is provided by the government.
What is public goods?
200
Comes after depression.
What is recovery?
200
Money left after subtracting all the costs after operating the business.
What is profit?
300
Natural, Human, and Capital Recources.
What are the 3 economic recources?
300
Buying and selling goods and activities.
What is the Market Economy?
300
The amount of a product or service that a business is willing to provide.
What is supply?
300
Increase in level of prices.
What is inflation?
300
The total dollar value of all final goods and services produced in our country.
What is Gross Domestic Product?
400
When there is limited recources in an economy.
What is Scarcity?
400
An Economic System based on tradition.
What is a Custom Based Economy?
400
The need of a product or service CONSUMERS are willing to buy.
What is demand?
400
The highest level of a countries economy.
What is prosperity?
400
Economy where you have the freedom to buy what you please.
What is Market Economy?
500
The 1st of 6 steps in decision making.
What is defining the problem?
500
The government owns the recources.
What is a Directed Economy?
500
The way you live measured by quality of goods/services you can afford.
What is standard of living?
500
A decrease in prices.
What is deflation?
500
Quantity of work that an average worker can produce in an hour.
What is productivity?
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