Vocabulary 1
Things available to be used to produce goods and services
Economic Resources
Buildings, equipment, and supplies are examples of what type of resources
Capital Resources
Things that are required in order to live.
Needs
True or False: Nations have different economic resources but have the same needs.
False
What type of economies main focus is meeting the basic needs of its people? This economy also focuses on doing things "the way they have always been done".
Traditional Economy
Something that can be touched or felt that is used to satisfy a want or need
Good
People producing goods and services are called...
Human Resources
Activities provided for the purpose of satisfying a want or need
Service
This nation holds the title of largest producer and consumer.
USA/ United States of America
Private enterprise and free enterprise are also names for this type of economy...
Capitalism
The value of the next best alternative that you were not able to chose; the cost of doing something else
Opportunity Cost
Every nation on Earth must deal with this economic problem which means that resources or products are in short supply in comparison to the demand for that resource or product
Scarcity
This means to not have enough resources to satisfy every need.
Scarcity
According to the law of supply, As the price of a product increases, business will...
produce a larger supply of the product
This is the point at which supply and demand are equal...
Market Price
The method a country uses to answer the three economic questions
Economic System
Economic resources are limited in what nations?
Resources are limited all over the world.
Refers to the private ownership of economic resources by individuals rather than by the government
Capitalism
The money left over from sales after all operating costs have been paid?
Profit
The government of Bauxitopia owns and controls all economic resources and decides how the resources will be used. This government even decides what careers people will have. What type of economic system?
Command Economy
A person who buys and uses services and goods.
Consumer
What are the three factors of production?
Human Resources, Natural Resources, Capital Resources
Individuals and organizations that determine what products and services will be available for sale.
Producer
All economies must answer 3 economic questions...what are these?
What products and services will be produced?
How will they be produced?
What needs do they satisfy?
This curve shows the relationship between the price of a product and the quantity that producers are willing to make.
Supply Curve