Mixed BAG
The lack of adequate resources to obtain all of one's wants
scarcity
This factor of production would be shown by buying a plantation for your pineapples to grow
An economic system in which families, or tribes make economic decisions based on customs and beliefs.
What is TRADITIONAL ECONOMY
Involves all the actions sellers, acting independently, do to get buyers to purchase their products.
Competition
The attempt to balance an economic policy so that everyone benefits fairly
What is economic equity
All of the structures and equipment involved in the manufacturing process
Capital
This factor of production deals with workers
Labor
An economic system in which the government owns some or all of the factors of production.
Command
The desire to make money that motivates people to buy and sell goods and services
What is profit incentive
In the State of the Union Address President Trump states that the United States economy has expanded and many formerly unemployed Americans now have jobs.
What is Economic Growth
When people use something, they gain something but give something else up. What is given up by doing one thing instead of another is called _______.
Opportunity Cost
This factor of production would include any money that is spent on a machine that is used several times
Capital
Is the principle that the government should not interfere in the marketplace.
What is LAISSEZ FAIRE
Whatever is owned by individuals rather than by the government
What is private property
Wise use of available resources so as to obtain the greatest benefits possible
What is economic efficiency
When there is a low supply of a product, this is called....
scarcity
Name three factors of production
Answers will vary
What type of economic system does the United States operate under
What is mixed system
Economic system in which individuals own the factors of production and decide how to use them within legal limits
What is Free Enterprise
Full employment and the economy operating at almost maximum capacity
What is economic stability
Alyssa is hungry and thirsty. She only has enough money for Flaming Hot Cheetos or a Minute Maid Lemonade. She cannot buy both. If Alyssa buys chips, what is her opportunity cost?
The opportunity cost is her drink. She will remain thirsty.
Which factor of production would you consider a lawnmower
Capital
An economic system that has elements of traditional, command and market economies.
Mixed System
The amount of money that is made after all expenses are paid for.
What is profit
The ability of consumers and countries to make decisions to satisfy needs and wants.
What is economic freedom