Show:
Vocab
Basics
Economic Systems
Trade
Measuring the Economy
100
Interaction between buyers and sellers
What is a market?
100
When people do not have enough resources to satisfy every desire
What is scarcity?
100
An economic system that is based on custom, beliefs, and family
What is traditional economy?
100
When nations specialize in one thing, they _____________ for the things they need but don't produce themselves
What is trade?
100
The total value of goods and services produced in a country in a given year is __________
What is Gross Domestic Product (GDP)?
200
Man-made tools to produce other goods
What is a capital resource?
200
What do you call it when you temporarily do not have a resource
What is a shortage?
200
An economic system that is based on a centralized control
What is a command economy?
200
The barter system, in which people trade goods for goods, requires there to be a __________________
What is Coincidence of Wants?
200
An increase in the general cost of goods and services
What is inflation?
300
What is lost when you choose one thing over another; value of the next best alternative
What is opportunity cost?
300
Land, Labor, Capital, and Entrepreneurship
What are the factors of production?
300
An economic system that has consumers and producers determining production decisions
What is a market economy?
300
When countries become increasingly dependent on each other due to specialization of goods production
What is Economic Interdependence?
300
4-6%
What is the natural rate of unemployment?
400
Someone who starts a new company
What is an entrepreneur?
400
This curve determines the maximum combinations of goods and services that can be produced in a given time
What is Production Possibilities Curve?
400
A combination system that most modern world economies would fall into
What is a mixed economy?
400
When a nation produces at a lower opportunity cost, they are said to have a ______________
What is comparative advantage?
400
A type of unemployment that occurs when you lose your job due to advances in technology
What is structural unemployment?
500
a certificate of a loan to a government or a business
What is a bond?
500
This is something that motivates others to do something
What is incentives?
500
A term economists use to describe the self-regulating nature of the marketplace
What is the invisible hand?
500
An assembly line would be an example of this economic concept
What is division of labor?
500
Measure that accounts for price changes that may occur due to inflation
What is real GDP?