Economics 1
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?
Raiders
What is Gulliver's Mascot?
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?
Refers to how many people want those goods and services.
What is demand?
Frank Steel
Who is the Head of School?
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?
The number of goods and services that are available.
What is supply?
What you give up when you choose one thing instead of another.
For example, if you have $10 and decide to buy a movie ticket, you can't use that money for snacks or a small toy. The thing you didn’t choose (like the snack or toy) is your opportunity cost.
What is opportunity cost?
Arthur Gulliver
Who is the original founder of Gulliver School?
An economic system in which the government makes all the economic decisions and sets all the prices and wages
What is a command economy?
Which economic system fits into a democratic government?
Mixed or Market
Goods brought into a country to be sold.
What is an import?
taxes a government places on goods when coming into a country
Gulliver's achrival
Ransom Everglades
Economic Indicator: The total income of a country divided by the number of people living in that country.
What is GDP per capita?
The Maasai tribe and other indigenous cultures follow this economic system
What is a traditional economy?
An economic system with a factor market and product market
What is a market economy?
The process in which businesses begin to operate internationally
What is globalization?
1926
What year was Gulliver Preparatory founded?