Unit 2.01
Buy and sell goods to others
Trade Industries
desires for things that may
or may not actually be required
Wants
Any resources found in nature that are used to produce
goods and services
Natural Resources
This type of economy is Based on traditions passed down through the generations. Ex: Africa
Traditional Economy
exists when the market is controlled by one business, and there are no other products available.
Monopoly
Perform intangible activities
Service Business
requires you to spend money to
satisfy your wants
Economic Wants
Tell me one stage of the economic activity cycle
Production, distribution, Consumption, exchange
The most common exchange in economic systems
MONEY
When businesses offer similar
types of goods or services
Direct Competition
Farms, mines, lumber are examples of
Raw Goods Producers
Classifications for an industrial product
Materials
Parts
Installations
Equipment
What is the Heart of economics:
Decision Making
Individuals and businesses own the means
of production and distribution
Ex: United States of America
Market Economy
What is Price Matching?
..
A duty to contribute to the well-being
of society
Social Responsibility
Wants that can be satisfied without spending money
Noneconomic wants
People who work physically and/or mentally
to produce goods and services
Human Resources
The government owns and operates many or all
of the means of production and distribution.
Ex: North Korea
Command Economy
Competing on a basis other than price toto gain customers
Ex: Great customer service
Non Price Competition
A company that transforms cotton into wearable clothing
Manufacturer
When there is not enough of something for anyone and everyone to freely have as much as they want
Scarcity
Nice Job
+1,000 points
Sorry...
-800 points
When businesses offer dissimilar goods or services
Indirect Competition
Two main divisions of trade industry are
____________ and __________
Wholesale, retail
Example of an Economic Good
Up to Teacher
Manufactured or constructed items that are used to produce goods
and services
Capital Goods
In a communist command economy, who decides how the economic questions will be answered?
Government
When there are only a few businesses that sell all of the products.
Oligopoly