Economic Systems
Resources
Supply and Demand
Misc
Mr. Laravia
100

In this economy, economic decisions are made in the marketplace according to the laws of supply and demand.

Market Economy

100

The means to produce goods and services. Broken up into land, labor, capital, and entrepreneurship.

Factors of Production

100

When the quantity demanded compared to the quantity supplied meet, it is called the...

Equilibrium price

100

A shortage of resources.

Scarcity

100

What is Mr. Laravia's favorite color?

Red/black

200

Due to___________, every nation needs an economic system.

Limited Resources

200

These resources are used to produce goods and services like buildings, materials, and equipment.

Capital Resources

200

The amount a customer is willing to pay for a product or service.

Price

200

Whenever a society gives up an opportunity to use a resource for something else, what they miss out on is....

Opportunity Cost

200

What is Mr. Laravia's favorite food?

Pizza

300

The state typically takes care of people’s needs being met, where the marketplace takes care of people’s wants.

Mixed Economy

300

All raw materials found in nature.

Natural Resources

300

This is determined by consumers. It is the amount or quantity of goods and services that consumers are willing to pay at various prices.

Demand

300

In most societies people can buy as much as they can afford to buy. Meaning goods and services that you can have directly relate to your...

Income/Money

300

Where did Mr. Laravia go to high school?

Franklin Academy

400

In this economy, a central authority makes decisions, usually the government or state.

Command Economy

400

The knowledge, efforts, and skills people bring to their work.

Human Resources

400

How much or how many of something there is.

Quantity

400

Daily Double

The shipyard in Venice is an example of the first what?

Who is most known for this system?

Assembly Line

Henry Ford

400

What Masters degree is Mr. Laravia in school for?

Accounting

500

These entities affect economies by inventing new products that use available resources.

Businesses

500

To meet changing wants and needs of people requires this.

Entrepreneurial Resources

500

The amount of goods and services that producers will provide at various prices.

Supply

500

This natural, non renewable resource that is heavily involved in technology progression is becoming scarce. 

Lithium

500

If Mr. Laravia could have a super power what would it be?

Anything fire based