Economic Systems
Traditional Economy: Based on what?
A group's customs or values
Profits are equal to what?
Revenue minus expenses
The first day of the 21st century was?
January 1st, 2000
Define Supply
Ability or willingness to produce a good or service
Define Principle
Basic Value
Most societies have what type of economy?
Mixed
What is a recession?
A decline in production over six or months in a row
How many dog years are equal to a human year?
7
Define Demand
The desire for a certain good or service
Define Producers
People or Businesses that make and sell goods or services
What type of economy can people make the most profit they want?
Market Economy
How did people obtain goods or services before the use of currency?
Barter
What shape is a stop sign?
Octagon
Pg 57: On the Supply and Demand graph for Apples, what is the demand price for 5 apples?
$2.50
Define Consumers
People or Businesses that buy, or consume, goods and services
Who makes the decisions in a Command Economy?
The Central Government
What is used in modern times to obtain goods or services?
Money or its equivalent (credit/bitcoin/precious metals)
What State is the Grand Canyon located in?
Arizona
Pg 57: On the Supply and Demand graph for Apples, what is the supply price for 25 apples?
$2.50
Opportunity Cost
Cost of what you have to give up
Who makes the decisions in a Market Economy?
Individual consumers and producers
Who exchanges goods in the economic process?
Producers and Consumers
What do you call a group of crows?
A Murder
Pg 57: What is the match or equilibrium price?
$1.50
Define Economics
Study of how people meet their wants and needs