Definitions 1
Something that is nice to have, but not needed for survival
What is a want
People who sells goods and services to earn money
What is producer
This is the economy in the United State
A plumber is an example of...
A soccer ball is an example of a...
What is consumer
Something you must have to survive
What is need
This is the economic system in China
What is Command Economy
A family gets takeout from a Chinese restaurant... identify the consumer
Who is the family
Jeff sells pizza to Lara - Identify the producer
Who is Jeff
Things people make or grow to sell
What is a good
Jobs people do for others
What is a service
The four types of economic systems
What is Command, Market, Mixed and Traditional
Opportunity Cost - Chad must choose between going skiing or snowboarding. He chooses snowboarding.
What is skiing
Opportunity Cost - Emma must choose between visiting Thailand or Germany. She chooses to visit Thailand.
What is Germany
The three factors of production are
What is capital, land and labor
Unlimited wants in a world with limited resources
What is scarcity
This is the economic system in Hong Kong
What is Traditional
Opportunity cost - Abby must choose between walking and swimming. She chooses swimming.
What is walking
There is a low supply of toilet paper and high demand, the price will
What is increase
A system where people buy, sell and produce things
What is economics.
When a country or region specializes in a particular economic activity, this occurs
What is global trade
This is the economic system in India
What is Traditional Economy
There is a high demand for avocados and a low supply - the price will
What is increase
There is a high supply of bananas and low demand - the price will
What is decrease