Goods, Services, and Economies
These are physical items you can buy, like shoes, food, or phones.
What are goods?
This country in East Asia has one of the most controlled command economies.
What is North Korea?
This economic problem happens because there are not enough resources to satisfy everyone’s wants.
What is scarcity?
This happens when people focus on doing one job or making one product very well.
What is specialization?
Bringing goods into a country from another country is called this.
What is import?
This word describes work that someone does for you, like delivering food or cutting hair.
What are services?
This country has a strong free-market economy and is the third largest economy in the world.
What is Japan?
When you choose one thing and give up something else, the thing you gave up is called this.
What is opportunity cost?
When countries depend on each other for goods and services, it is called this.
What is economic interdependence?
Selling goods to another country is called this.
What is export?
This is the system of how money, goods, and services are produced and used in a country.
What is an economy?
This country’s economy has both government-controlled companies and private businesses.
What is China?
If many people want a product but there is not much of it, the price will usually do this.
What is go up?
This process involves making goods in factories using machines and workers.
What is manufacturing?
This is a tax placed on goods coming into a country.
What is a tariff?
In this type of economy, the government controls most businesses and production.
What is a command economy?
This country has a developed mixed economy and large companies like Samsung and Hyundai.
What is South Korea?
If there is a lot of a product but not many people want it, the price will usually do this.
What is go down?
Specialization helps businesses produce goods faster and usually makes this happen to prices.
What is go down?
When a country sells more goods than it buys from other countries, it has this.
What is a trade surplus?
In this type of economy, businesses have a lot of freedom but the government still has some rules.
What is a mixed economy?
In this type of economy, the government has very little control and businesses make most decisions.
What is a free market economy?
These two forces work together in markets to decide the price of goods.
What are supply and demand?
When countries are economically interdependent on one another, they are engaging in this exchange
What is trading?
When a country buys more goods than it sells to other countries, it has this.
What is a trade deficit?