Supply/Demand
This is how much people want something, and their ability to buy it.
What is demand?
It is the lack of adequate resources to obtain all of one's wants.
What is Scarcity?
In economics, there are imports and exports. An import is this.
What is Merchandise shipped from a foreign country.
This is an economic system in which economic decisions are made according to social roles & culture
What is A Traditional Economy
In this market structure, a single business can maintain a majority of market power over a specific industry.
What is a (Pure) Monopoly
A person who comes up with a product or service, and finds the money and time to produce this new product.
What is an Entrepreneur
We would define this as the amount of product that is AVAILABLE for the consumer to purchase.
What is supply?
All of the structures and equipment involved in the manufacturing process are this form of factors of production.
What is Capital?
Anyone who buys a good or service.
What is a Consumer
It is an economic system in which a central, governmental authority decides how to use a country's scarce resources
What is A Command Economy
A market structure characterized by firms producing the same/identical product with easy entry into and exit from the market
What is Pure/perfect Competition
Having an assembly line allows for job ________, creating a quicker, more efficient level of production.
What is Specialization
The local Toyota dealership just opened a second store 3 blocks away. The Supply Curve will shift this direction.
What is Right?
In an opportunity cost scenario, the choice not made is known as this. It has been sacrificed.
What is The trade-off?
Something someone does for you is called...
What is a Service
An economic system in which the government and individuals are used to decide how to allocate scarce resources.
What is a Mixed Economy
AT&T, T-Mobile, Sprint, and Verizon as leaders have created this type of market structure in the cellphone industry.
What is an Oligopoly
Speeding tickets and a late fee on your bills would be examples of this.
What are negative economic incentives?
Dave is trying to buy a new car, but prices are super high. He keeps hearing from multiple sources that in a month the prices will be lower. His demand for the car now has decreased because of this determinant.
What is Expectations/Expected Future Cost?
This is the low supply of a particular product such as eggs recently. (Hint: not scarcity.)
What is a Shortage?
Someone who makes or grows goods, or offer services
What is a producer
An economy where the government has little to no involvement and price is determined by supply and demand.
What is a Market economy?
A market structure characterized by firms producing similar, but not identical products, and with some ease of entry into the market
What is Monopolistic Competition
Getting a raise or receiving coupons for a store would be examples of this.
What are positive economic incentives?
This would likely happen to supply if the government were to increase taxes on businesses.
What is decrease.
Amy is scheduled to work an 8 hour shift Saturday night, but has been offered by friends to go to a concert that evening. If she goes to the concert, what is her trade off?
What is her pay for that night?
They are merchandise or possessions. Can be bought, sold, and transported.
What are goods
Sam lives in a small community that tends to not need much outside help. They provide for each other and all play their own important roles. Sam is likely existing in this type of economy.
What is a Traditional Economy?
Utilities such as electricity and water would be examples of this type of structure.
What are Natural Monopolies
It is a minimum or maximum limit placed on the production of a good or service.
What is a quota?