Definitions
The practice of how people divide resources for production, distribution, and consumption
Economics
Products produced overseas and sold domestically (in your home country)
Imports
Microeconomics
Based on the concept of free markets, with very little government interference.
Market Economic System
Name one of Mr. B's Hobbies
Reading, Cooking, Video Games, Spending time with family, Going to Concerts
Occurs when demand for a good or service is greater than the availability
Scarcity
Goods produced domestically (in your home country) and sold over seas
Exports
Primary focus is larger-scale economies (regions, governments, etc)
Macroeconomics
Based on goods, services, and work, all of which follow certain established trends.
Traditional Economic System
How many siblings does Mr. B have?
1 Brother
An increase in the overall level of prices in the economy
Inflation
The idea that demand falls when prices rise
Law of Demands
Deals with everyday consumption, production, and pricing
Micro-economics
Features a dominant centralized authority – usually the government – that controls a significant portion or all of the economic structure.
Command Economic System
Mr. B's favorite sports teams? (Name one)
Chicago Bears, Detroit Pistons, Detroit Tigers
Name the two tracks of economics
Micro-economics and Macro-Economics
The idea that the quantity supplied of a good rises as prices rise
Law of supply
Deals with maintaining general pricing, inflation, unemployment, inflation, money distribution, etc.
Combines the characteristics of the market and command economic systems.
Mixed Economic System
Mr. B's favorite food?
Tacos
The concept of fairness in economics and justice in the distribution of wealth, resources, and taxation within a society.
Equity
When the amount of a products supply is more than what's being demanded.
Surplus
Enhances the understanding of economic activities to better improve the economic process
Both (They flow with each other)
What system is do we follow in the United States?
Mixed Economic System
Mr. B's Birthday
November 13th