Economics Vocab
Vocab: Take 2!
The Three Basic Questions
More Basic Questions
Mixed Bag
100
A system related to money or how a person earns a living
What is economy/economic system?
100
How much of a good or service is available to consumers
What is supply?
100
The group in charge of the economy in a command system
What is the government?
100
People who buy goods to use them
What is a consumer?
100
The type of system a nondemocratic country will have
What is command?
200
Countries with less productive economies and a lower quality of life.
What is a developing country?
200
Trading without using money
What is bartering?
200
How prices are determined in a traditional economy
What is decided between the sellers/bartering?
200
The UK and Australia are examples
What is a market economy?
200
Who is in control in a market economy
What are businesses?
300
How much of a product or service is wanted by consumers
What is demand?
300
Competition between companies; leads to lower prices and better quality goods/services
What is free enterprise?
300
Examples of a command economy (give 2)
What is North Korea, Cuba, East Germany, etc.?
300
What goods/services are produced? How are the produced? Who consumes them?
What are the three basic questions of economics
300
The type of system a democratic country would have?
What is market OR mixed?
400
The limited supply of something
What is scarcity?
400
Countries with strong economies and a high quality of life.
What is a developed country?
400
Villages in Africa and South America are examples
What is a traditional economy?
400
How prices are determined in a market economy
What is supply and demand?
400
The system that deals with agriculture
What is traditional?
500
The value of all goods and services produced within a country in a single year
What is Gross Domestic Product?
500
The four economic systems
What is traditional, mixed, market, and command?
500
The type of system the US is today
What is mixed?
500
A difference between a traditional economy and a command economy
What is (answers will vary)?
500
Our learning target for this unit
What is "I can compare present day economic systems (market, traditional, and command)"?
M
e
n
u