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
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