Basic Economics
What do we call things people want but don’t need to survive? (Hint answer is in the question)
Wants
What happens to price when demand goes up and supply stays the same?
Price Increases
What do we use as human beings to buy goods and services?
Money (currency)
What do we call someone who starts a business?
Entrepreneur
What do we call money collected by the government from people and businesses?
Taxes
What do we call things people need to survive, like food and shelter? (Hint answer is in the question)
Needs
What curve usually slopes downward: supply or demand?
Demand
What do we call money kept in a bank for future use?
Savings
What is the money a business earns from sales called?
Revenue
What is it called when the government spends more than it collects?
Deficit (Debt)
What word describes having limited resources but unlimited wants?
Scarcity
What happens to demand when prices rise?
Demand decreases
What is money you borrow and must pay back called?
A loan
What do we call the money a business spends to operate?
Costs
What do we call rising prices over time?
Inflation
What do we call the choice you give up when making a decision? (Trade-offs)
Opportunity Cost
What do we call the price where supply equals demand?
Equilibrium
What do banks charge for lending money? (amongst other things)
Interest
What do we call it when revenue is greater than costs?
profit
What program provides money to people without jobs?
Unemployment relief benefits
What system allows people to buy and sell goods freely?
Market Economy
What happens to supply when production costs increase?
Supply decreases
What institution controls the U.S. money supply? (Hint: Not Donald trump)
The Federal Reserve
What market structure has only one or few sellers traditionally?
Monopoly
What do we call the total value of goods and services produced in a country?
GDP