ROW 1
This is the main problem in economics.
What is scarcity?
This economic system is based on established customs and focused on survival.
What is a traditional economy?
This is the term for an increase in the overall price level.
What is inflation?
What is a secondary industry?
Manufacturing industries that use natural resources or raw materials to make other products
– Example: automobile manufacturers use steel and other materials to build cars and trucks.
This is a system of producing, selling, and buying goods and services.
What is an economy?
This term refers to the value of what you give up in a tradeoff.
What is opportunity cost?
In this type of economy, prices are primarily determined by supply and demand.
What is a market economy?
This is money earned by lending or investing funds.
What is interest?
What is a tertiary industry?
– Goods and services are exchanged
– Includes wholesale industries, businesses that sell to other businesses
– Includes retail industries where goods are sold to final consumers
– Include service industries where businesses provide services rather than goods
This refers to the desire to have a good or service and the number of people ready to buy it at a certain price.
What is demand?
This measures the total value of goods and services produced by a country in a year.
What is Gross Domestic Product (GDP)?
This economic system blends elements of different types of economies.
What is a mixed economy?
This represents partial ownership in a company.
What is stock?
This person organizes, manages, and assumes the risk of a business.
Who is an entrepreneur?
This is the essential desire to make money that drives many economic activities.
What is profit?
This type of good is non-excludable and non-rivalrous, such as a public highway.
What is a public good?
This economic system is closest to a command model.
What is communism?
What are the three functions of money?
What are storing money, lending money, and paying interest on deposits?
This refers to the amount of a good or service that businesses are willing and able to produce.
What is supply?
This economic philosophy emphasizes private ownership and free markets.
What is capitalism?
These are the four factors of production.
What are natural resources, capital, labor, and entrepreneurship?
This is the economic system in the United States that emphasizes free markets.
What is the free enterprise system?
This is income left after paying for basic necessities.
What is discretionary income?
This concept describes when countries rely on each other for goods and services.
What is economic interdependence?
This economic philosophy advocates for collective ownership of the means of production. Additionally, the government controls things such as health care and communication.
What is socialism?