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

100

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

100

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

100

Goldilocks Economy
Mixed

100

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

100

When supply is high, prices are usually?
Low

200

The study of making choices involving goods and services
Economics

200

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

200

Private ownership of property and resources
Free Market

200

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

200

When demand is low, prices are normally?
Low

300

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

300

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

300

Central (gov.) ownership of property and resources
Command

300

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

300

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

400

The interaction between buyers and sellers
Markets

400

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

400

Profit Motive
Free Market

400

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

400

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

500

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

500

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

500

Consumer sovereignty
Free Market

500

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

500

The interaction of supply and demand determines what?
Price