Economic Concepts
The Inability To Satisfy All Wants At The Same Time
What is Scarcity?
Amount of a good or service a consumer is willing to buy
What is demand?
Very little or no government involvement
What is Free Economy?
When stores ran out of flighlights due to the earthquake, this was an example of this.
What is scarcity?
Income or sales minus expenses =
What is Profit?
Selecting An Item Or Action From A Set Of Alternatives
What is Choice?
Amount of a good or service producers are willing to produce and sell
What is supply?
Cuba is an example of what kind of country, where there is no private ownership?
What is Communist?
Order in our economy comes from human action but not human...
What is Intention
Determined by supply and demand
What is Price?
Factors Of Production Used In Making Goods
What is Resources?
Amount of money exchanged for a good or service
What is price?
Adam Smith talked of this as he described the ways economies are orderly without any person directing them.
What is an invisible hand?
When Big Box doubled their prices after the earthquake, this was an example of this.
What is Price Gouging?
Private individuals, businesses,and government share in economic decision making.
What is an Economic System?
That Which Is Given Up When A Choice Is Made
What is Opportunity Cost?
Using goods or services
What is Consumption?
What is a cost-benefit analysis?
This is what controls the pencil making industry.
What is prices?
Markets are allowed to operate without a lot of this kind of interference.
What is Government?
Combining Human, Natural, And Capital Resources To Make Goods Or Services.
What is Production?
Graphite, Clay and Cedar Trees are all examples of this type of resource.
What is natural?
This is what drives a market economy.
What are prices?
The graphite miners in Sri Lanka and the cedar tree farmers in Oregon are known to be _______________ in their industry.
What is Specialists?
In the US economy, individuals and businesses have the right to own this kind of property.
What is Private Property?