vocab
This word describes a shortage of resources
Scarcity
What guides decision making in a market economy?
Supply and demand
In a market economy, Prices are determined by...
Supply and demand
which of the 4 economic systems is the MOST uncommon?
Traditional
This word refers to the study of money
Economics
What is a disadvantage of Command economies?
No incentive to work hard, can't work up the latter, higher poverty, wasted resources, too much government control.
When you are deciding between two or more things, the thing(s) that you did NOT choose are considered...
Opportunity cost.
Who invented the assembly line?
Henry Ford
What is specialization?
Becoming an expert in something
What do command economies attempt to prioritize?
Well-being
a person who opens/owns a business is known as a...
Entrepreneur.
In which country would you find the Atacama Desert
Chile
What is Interdependence
this word refers to how countries rely on each other
What is a disadvantage of market economies
They do not prioritize well-being, too powerful companies, damage to the environment, 0 government involvement.
What are the 4 reasons why someone would become an entrepreneur
Profit, Fame, be their own boss, desire to improve something
Why do most countries choose to be a mixed economy?
Weighing the Advantages (Pros) and disadvantages (Cons) of a choice is known as...
Cost benefit analysis.
The time period in US history in which alcohol was made illegal was known as the...
Prohibition era