Vocabulary
The study of how people make choices to get the things they need and want?
Word bank: Economics, specialization, or resources
Economics
The way things are made and the way people get their needs and wants.
Word bank: economic system, assembly line, or services
What is an economic system?
This helps human resources be more efficient at what they do.
What is specialization?
Any object a person wants or needs to help them survive
Word bank: goods or services
What are goods?
True or False
When demand for a product is low, production normally increases.
Falso
When demand goes up, price usually goes up
When demand goes down, price usually goes down, along with the production
Actions or activities one person performs for another person
Word bank: goods or services
What are services?
The assignment of specific tasks (jobs) to members of a team to increase the efficiency of production.
Word bank: division of labor (specialization), producers, products
What is division of labor?
The sun, the water, and the soil in The little Red Hen are all examples of this.
Word bank: manmade resources, natural resources, products
What are natural resources?
True or False
The United States economy is considered a market economy.
True
A person who buys products, uses products, and/or eats food.
Word bank: consumer, producer, or customer
What is a consumer?
The availability of productive resources in a region promotes specialization and result in this.
Word bank: swap, trade, borrow
What is trade?
True or False
No country has every natural resource.
True
The reason people cannot have and do everything they want.
Word bank: scarcity, wants, needs
What is resources are scarce? or scarcity?
Limited quantities of resources (not enough resources to meet all the needs and wants of the people).
Word bank: products, scarcity, or goods
What is scarcity?
People, groups, or companies that make goods and services.
Word bank: consumers, producers, organizations
What are producers?
Teachers, doctors, barbers are examples of this.
Word bank: Human Resources, capitol resources, natural resources
What are human resources?
Cuba is one of the last countries to operate under this type of economy.
Word bank: Traditional, Command, Market
Command (Where the government or central power makes most of the economic decisions)