The study of how people use limited resources to satisfy unlimited wants
What is economics
100
Things people would like to have
What are wants
100
A nations way of producing the things its people want and need
What is an economic system
100
The basic economic problem that people and nations face
What is Scarcity
100
How do economic systems influence societies?
It helps the economy run smoother and explains how their resources will be used.
200
Not having enough resources to satisfy all ones needs and wants
What is scarcity
200
-Worker
-Worker's abilities
- More workers= more goods and services
What are examples of labor
200
Individuals own resources. Economic decisions are made based on custom and habit.
What is Traditional Economy
200
Economic choices can be summoned up by what three basic questions?
1. What goods and service will b produced?
2. How will the goods and services be produced?
3. Who will consume, or use, goods and services?
200
How is a command economy different from the other economic systems?
In a command economy, the government makes the economic decisions. Planners and officials decide what goods to produce. In other economic systems the government does not make the economic decisions.
300
An economic system in which the government makes the major economic decisions.
What is a command economy
300
Anything that can be used to make goods or services
What are resources
300
An economy in which businesses and individuals make the major economic decisions but in which the government also plays a role.
What is a mixed market economy
300
How are economics and scarcity related?
Economics is the study of how people use limited resources to satisfy unlimited wants. Scarcity is not having enough resources to satisfy these unlimited wants.
300
What is the difference between a traditional economy and a market economy?
In a traditional economy people base their decisions on customs or habits and do not change much over time, while in a market economy people and businesses own the resources and use them to produce their goods and services.
400
An economic system in which major economic decisions are based on custom or habit
What is traditional economy
400
- Money
- Buildings, tools
- Used to make or move goods or services
What are examples of capital resources
400
Individuals and businesses own resources. They make economic decisions based on prices
What is Market Economy
400
What must a society consider when deciding what goods and services to produce?
They must think about their resources and how it will affect their society.
400
Determines the kind of economy a nation has
What is deciding how to use a countries limited resources in the best way to care for and protect their citizens?
500
An economic system in which people and businesses own all resources and make economic decisions on the basis of price
What is market economy
500
- Land
- Things from the land that can be used to make goods and services
What are examples of natural resources
500
The government owns resources. Government planners make economic decisions.
What is Command Economy
500
How do people fill their wants and needs when there are not enough resources?
We must make choices to decide what is more important for society.
500
What type of economic system would a country that had half of its factories making televisions?