Adam Smith
The ability to produce something using fewer resources than other producers
DVDs have a very low prices nowadays. Economically speaking, why is that?
Low demand
What "curve" in a graph shows what people want?
Demand Curve
The amount or quantity of goods and services that consumers are willing to buy at various prices
Demand
A deep recession
Depression
The rise and fall of economic activity
the study of how individuals and groups of individuals strive to satisfy their needs and wants by making choices
Economics
The amount of goods and services that producers will provide at various prices
Supply
Apple can get the highest prices they want for their products. Economically speaking, why is that?
High Demand
An economic system in which a central authority makes the key economic decisions
Command Economy
When economic activity slows down
Recession
What "curve" in a graph shows how much producers will make?
Supply Curve
Value of any alternative that you give up when you buy something else or make another choice
Opportunity Cost
The main idea that all economics is based on
Scarcity
A peak of economic activity
Prosperity
The point at which the quantity demanded and the quantity supplied meet
Equilibrium Price
an economic system based on free enterprise, in which businesses are privately owned, and production and prices are determined by supply and demand
Market Economy
Name one country with a command economy.
N. Korea, Cuba, Iran
Name the 3 Types of Economies
Command, Market, Mixed
An economy that contains both private and public enterprises
Mixed Economy
a rise in business activity after a recession or depression
Recovery
Name the country with the most free market economy in the world
Singapore
When something affects one industry and it affects other related industries as well
Ripple Effect
What are the 3 Basic Economic Questions?
What to produce? How to produce? For whom to produce?
The ability to produce something at a lower opportunity cost than other producers