Limited Resources
The study of how people choose to use their limited resources to satisfy their unlimited wants.
What are Economics
The United States is based on
What is a market economy
When faced with a trade-off, people eventually choose one what
What is an option
This is the amount of a good or service that people are willing and able to buy at various prices during a given time period.
What is Demand
If gasoline was in short supply prices would go
What is up
All the things that can be used in making products or services that people want
What are Resources
Individuals and businesses decide to use prices to determine who will receive the
What are Goods and Services
The choices made by businesses or societies also have
What are Opportunity Cost
This is the amount of a good or service that producers are willing and able to sell at various prices during a given time period.
What is Supply
A surplus tends to cause prices to
What is fall
Includes workers and their abilities
What is Labor
The government plays a role in
What is economy
These decisions involve using any resource
What are Economic Desicions
The quantity that consumers are willing and able to buy
What is Price
Markets are vital to
What is the U.S. economy.
Include a nation's land and all of the materials nature provides
Individuals can choose how to use their
What are Resources
The cost of the next best use of your money or time when you choose to do one thing rather than another
What is an Opportunity Cost
Demand measures how much of a good or service consumers are willing to buy
What is Amount
If the prices are lower than the equilibrium price there would be a
What is a shortage
Economics is made up of three types of resources
What is Natural Resources, Labor, and Capital
The United States has a what type of economy
What is a Mixed Market Economy
These people use the term Opportunity Cost very specifically
Who are Economists
Demand and Supply have four parts
What is Amount, Willing to Buy, Able to Buy, and Price
Note that the supply and demand curves meet at one point. That point is the price the marketplace sets for the good or service. It is called
What is Equilibrium Price