Economics
When the demand for a good or service is greater than the availability of the good or service.
This is having a limited quantity of resources to meet unlimited wants.
what is scarcity?
An economy where both the government and individuals play roles in production and consumption
What is a mixed economy?
An economic system where all decisions are based on customs, traditions, and beliefs.
What is a traditional economy?
The direct trading of goods and services between people without the use of money
What is barter?
Name one of the three economics questions
What to produce?
People or businesses that buy or consume products and services.
What is a consumer?
Something done in exchange for money
What are services?
Products that can be bought or sold
What are goods?
when goods and/or services are brought into your country
import
Name one of the three economic questions.
How to produce it?
People or businesses that make and manufacture raw materials into goods and services.
What is a producer?
The study of how people meet their needs and wants
What is economics?
anything that slows down or prevents one country from exchanging goods with another country.
Trade barrier
when goods and/or services are shipped to another country
export
Name one of the three economic questions.
Who are we producing it for?
An economic system in which the government makes all the economic decisions and sets all the prices and wages
What is a command economy?
products a country makes best and are in demand on the world market
Specialization
creative, original thinkers who are willing to take risks to create new businesses and products
entrepreneurs
only allows a specific amount of certain items to be imported during a specified period of time
quota
The main types of economic systems
What is
1) traditional economy
2) command economy
3) market economy
4) mixed economy
the factories, machines, technology, equipment, etc. that people use to make products to sell
What are Capital Goods?
The Maasai tribe and other indigenous cultures follow this economic system
What is a traditional economy?
An economic system in which private businesses can make all of the decisions.
What is a market economy?
The process in which businesses begin to operate internationally
What is globalization?
when one country announces that it will no longer trade with another country.
embargo