Lesson 1
What vocabulary word matches the following definition?
"Things you can buy"
goods
What vocabulary word matches the following definition?
"The amount of a product/service that a business has available to sell"
Supply
What vocabulary word matches the following definition?
"The amount of a resource is limited"
Scarcity
What vocabulary word matches the following definition?
"A good brought in from another country"
Import
What vocabulary word matches the following definition?
"Land, homes, stores, and goods that people or companies own"
Private Property
What vocabulary word matches the following definition?
"Action of doing work for someone"
Services
What vocabulary word matches the following definition?
"The amount of a product/service that consumers are willing to buy"
Demand
What vocabulary word matches the following definition?
"Public notice to bring attention to a good or service"
Advertisement
What vocabulary word matches the following definition?
"A good shipped out to another country"
Export
What vocabulary word matches the following definition?
"Inventions, or new ways of doing things"
Innovation
What vocabulary word matches the following definition?
"Money you make at your job that you can spend on goods and services"
income
What vocabulary word matches the following definition?
"Trade a good or service in exchange for another good or service"
Barter
CONGRATS YOU EARNED 300 POINTS
LUCKY DUCK
What vocabulary word matches the following definition?
"Process of hiring people to work outside of a company"
Outsourcing
What vocabulary word matches the following definition?
"something that encourages people to take action"
Incentive
What is the difference between and PRODUCER and a CONSUMER.
A PRODUCER is a person or company that makes goods or provides a service.
A CONSUMER is a person or company that buys goods or services.
Define CURRENCY? Give an example of the CURRENCY in the United States.
CURRENCY is the type of money used in a particular place. The United States uses dollars.
Define OPPORTUNITY COST.
OPPORTUNITY COST is the value of what you give up when you buy the thing you want.
Define PRODUCTIVITY.
Amount a company can produce within a certain amount of labor.
Define PROFIT.
Money a business has leftover after is pays all it's expenses.
Define COMMAND ECONOMY
When the government decides what goods and services can be sold and they tell the businesses how much to produce and the cost for the goods and services.
Define INFLATION.
INFLATION is the rise in the usual price of goods or services.
*You can buy fewer things with the same amount of money*
Explain what it means when banks pay INTEREST.
When banks pay INTEREST, they pay a small fee to their customers in exchange for allowing the bank to use their money.
Define DIVISION OF LABOR.
Separating a work process into smaller, different jobs.
Define FREE ENTERPRISE.
Producers have the right to decide what product/service to make/offer, how much of it to make/offer, and what to charge for it.