Economic Terms 1 Economic Terms 2 Economic Systems 1 Economic Systems 2 Supply and Demand

100

Choice
Selecting an item or action from a set of alternatives.

100

What is given up when a choice is made.
Opportunity Cost

100

Mixed
Goldilocks Economy

100

What will be produced? - Who will produce it? - Who will use it?
What are the 3 basic questions every economy must answer?

100

Low
When supply is high, prices are usually?

200

Economics
The study of making choices involving goods and services

200

Things we need t o buy more things, such as factories, roads, and tractors.
Capital Resources

200

Free Market
Private ownership of property and resources

200

Free Market
Unemployment, low wages, poor working conditions, and unsafe products are often a weakness of which economy?

200

Low
When demand is low, prices are normally?

300

Resources
The factors of production (what are needed to make things)

300

Taking a risk to start a new business in search of profit
Entrepreneurship

300

Command
Central (gov.) ownership of property and resources

300

Not too much government, not too little government.
Why are mixed economies called the "Goldilocks" economy?

300

Lower
Discovery of a new massive gold mine will most likely result in higher or lower prices for gold?

400

Markets
The interaction between buyers and sellers

400

The combination of human, natural, capital, and entrepreneurship resources to make goods or provide services.
Production

400

Free Market
Profit Motive

400

Individuals and businesses.
In a mixed economy, who is owner and decision maker of the private sector?

400

Lower
News of people getting sick after eating at Chipotle will result in higher or lower prices?

500

Demand
The amount of a good or service that consumers are willing and able to buy at a certain price.

500

The amount of a good or service that producers are willing and able to sell at a certain price.
Supply

500

Free Market
Consumer sovereignty

500

The amount of government involvement
What is the main difference between the different economic systems?

500

Price
The interaction of supply and demand determines what?

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