Economies
What is another name for a capitalistic economy?
What is free market, market or free enterprise?
This curve is downward sloping.
What is the demand curve?
Describe the amount of resources
What is limited?
This is the name of the market where businesses purchase factors of production from households.
What is the resource market?
Sun is an example of this type of resource
What is a natural resource?
In this type of economy, the government owns all of the resources.
What is Communism or Command or Planned?
What is the supply curve?
Describe the amount of wants/needs
What is unlimited?
Referencing the circular flow chart, households are paid by businesses for what?
Factors of production or resources
A truck is an example of this type of resource
What is a capital resource?
This economic system is somewhere between the two extremes of capitalism and communism.
Socialism or mixed economy
The point where the demand and supply curves intersect
What is equilibrium or market price?
This result is due to limited resources and unlimited wants
What is scarcity?
Referencing the circular flow chart, households pay businesses for what?
What is products and services?
The generally accepted economy in the U.S.
What is free market or capitalism or free enterprise?
Supply and Demand is generally known as the _____________ _____________ in setting market prices in our economy.
What is the invisible hand
This is the name of the market where businesses provide items/services that consumers want or need.
What is product market?
Tools, machines, and factories used to produce goods
What is a capital resource?
What are the three questions that are answered by whomever owns the resources?
What will be made?
How will it be made?
Who will it be made for?
In a supply and demand chart, above the equilibrium is a _________________ and below the equilibrium is a __________________?
What is surplus and shortage?
Complete this statement:
No one can ________ ________ ________
What is have it all?
In circular flow, businesses produce ________ and ___________ to meet the ________ and ________ of households.
products and services
needs and wants
Another name for resources is...
What are factors of production?