the method used by a country to answer the 3 economic questions
What is an economic system
100
a person who buys and uses goods and services
What is a consumer
100
total amount owed by the federal government
What is the national debt
100
the value of currency in one country compared with the value in another
What is the exchange rate
200
activities that are provided for the satisfaction of others that are consumed at the same time they are produced
What is a service
200
is this type of economy, goods and services are produced the way it has always been done
What is a traditional economy
200
individuals and organizations that determine what products and services will be available for sale
What is a producer
200
total value of all final goods and services produced in a country within one year
What is GDP or Gross Domestic Product
200
exist when a country can produce a good or service at a lower cost than other countries.
What is absolute advantage
300
things available to be used to produce goods and services
What is an economic resource
300
resources are owned and controlled by the government in this type of economy
What is command economy
300
has a direct relationship between price and quantity(i.e. high price high quantity & vice versa)
What is the supply curve
300
period in which demand begins to decrease, businesses lower production, unemployment begins to rise, & GDP growth slows for 2 or more quarters in the calendar year.
What is a recession
300
When a country specializes in the production of a good or service in which it is relatively more efficient.
What is comparative advantage
400
means not having enough resources to satisfy every need
What is scarcity
400
This type of economy combines elements of command and market economies
What is a mixed market economy?
400
the demand curve has this type of relationship between price and quantity
What is inverse ?
400
The number that the US uses to compare prices in one year to that of another earlier year
What is the CPI or Consumer Price Index
400
if a country exports more than it imports it has a ____
if it imports more than it exports it has a____
Note: You must list in order and only get one chance!
What is trade surplus and trade decicit
500
the value of the next best alternative that you were not able to choose
What is an opportunity cost
500
this refers to the private ownership of economic resources by individuals rather than the government.
What is Capitalism
500
the point where supply and demand are the same
What is equilibrium or market price
500
Refers to money being spent by a business for a product that will be used over a long period of time like land, buildings, and equipment.
What is a Capital project or Capital Spending
500
the difference between the amount of money those goes in a country and the amount that goes out.