Vocabulary
These are the three: capital, workers, and land.
What are the Factors of production?
Name a good : bike repair; dry cleaning; haircut; or raincoat
what is a raincoat
Taxes help pay this.
What are Public services (like schools, police, roads)
The process of choosing between two or more options is this.
What is Decision making
Competition between sellers is good for consumers for this reason.
A. Sellers will lower prices.
B. Sellers will raise prices.
C. Consumers will have fewer options.
D. Consumers will buy more goods.
What is A. Sellers will lower prices
A plan for how to spend the money you expect to have
What is a budget.
Oranges and tourists became important to Florida’s economy because of its _______. A. space center B. warm climate C. senior citizens D. new computers
What is warm climate
This person decides how to spend the money in a budget.
What is: the person or group who made it (individual, family, or government)
Every choice has both _______ and _______
What is: costs and benefits.
A market is this.
A place where buyers and sellers exchange goods or services.
Money people pay to the government.
What is tax.
This person is most likely to be paid with tax money? A. travel agent B. movie actor C. police officer D. shoe salesman
What is a police officer
Governments collect taxes for this reason.
What is: to pay for public goods and services
One example of an opportunity cost is this.
What is: The thing you give up when you make a choice.
Competition affects quality for this reason.
What is : It can improve quality as sellers try to attract buyers
A place where economic activity occurs.
What is a Market.
A clothing store employee works in this industry.
What is a retail store.
The main reason to have a budget
What is: To plan and manage spending.
A businessperson wants to buy new equipment. They should think about this.
A. Landforms in nearby states
B. Costs and benefits
C. History of past industries
D. Color of the equipment
What is Costs and benefits
This happens if only one company sells a product.
What is : Prices may rise because there’s no competition
The idea that the things and resources we want are limited
What is scarcity
Name three kinds of services
What is hair hairdresser, police officer, teacher, a government worker, construction worker, librarian, nurse/doctor
Ths happens if spending is greater than income in a budget.
What is There’s a deficit or shortage of money
For this reason it is important to think about opportunity cost before making a decision.
What is Because it helps you make the best use of limited resources.
Businesses advertise because of this.
What is: To attract customers and compete with others