Definitions
The act of helping or performing a job for someone
What is a service
Name the 3 types of Economic Systems
What are Capitalism, Socialism, and Communism
Conflict between unlimited wants and limited resources
What is Scarcity
What is the definition of a want?
Not necessary to survive, but adds comfort and pleasure
Place where buyers and sellers exchange goods, services, and some form of money
What is a Marketplace
What type of resource is labor
What is Human
What type of economy is the United States
When you are able to choose whether to own a business, what to produce, and what business to enter, this is.....
What is Private Enterprise
What are our basic needs?
Water, Food, Shelter, and Clothing
Define Competition
What is a rivalry among businesses to sell their goods and services to buyers
List 3 Capital Resources
Tractors, Computers, Tools, etc...
When the government own or controls most of the economic resources and has tight control over them, it is this type of Economy
What is Communism
What is our basic economic problem?
What is Scarcity
Define a good
What is something you can see or touch
Define Profit
List 5 Natural Resources
What are Oil, Coal, Gold, Iron, Water, etc...
What is when resources are owned by the individuals rather than by the government
Define Private Property
What is the right to own, use, or dispose of things of value
What are the 3 basic economic questions
1) What goods and services are to be produced
2) How should the goods and services be produced
3) For whom should the goods and services be produced
Define Business
What is work relating to the production, buying, and selling of goods and services
Define Economic Resources
What is the means through which goods and services are produced
How does a Socialism Economy look?
What is the government owns and operates certain basic enterprises, like power plants and hospitals.
What are the 5 features of our market economy?
What are 1) Private Enterprise 2) Private Property 3) Profit Motive 4) Competition 5) Freedom of Choice
Name the 5 steps in the Decision-Making Process
What are 1) Define the problem 2) Identify the choices 3) Examine the Advantages and Disadvantages 4) Choose 5) Act/Review