Be resourceful
The idea that all resources are limited.
What is scarcity?
The value of the next best option.
What is opportunity cost?
What do the axes show on a supply and demand graph?
This kind of economy is based on customs and traditions.
What is a traditional economy?
We use this as a medium of exchange.
What is money?
Machines, tools, and buildings used to make goods.
What is capital?
This is when you give up one thing to gain something else.
What is a trade-off?
This shows that that as prices rise, producers will offer more for sale.
What is a supply curve?
In this economic system, the factors or production are controlled by the government.
What is a command economy?
Economics which focuses on the decisions of individuals and businesses.
What is microeconomics?
The willingness and ability to start a new business.
What is entrepreneurship?
A process used to identify the best option.
What is systematic decision making?
The point where supply and demand curves meet.
What is equilibrium?
This kind of economy allows buyers and sellers to make their own choices.
What is a market economy?
This can be used to store value for later use.
What is money?
Work provided by people.
What is labor?
The resources used to produce goods and services
What are factors of production?
This is the difference between the negotiated price and buyer's minimum.
What is the surplus?
The United States has this kind of economic system.
What is a mixed economy?
The economic system where both individuals and the government decide what is produced.
What is a mixed economy?
The tools, buildings, and equipment used to manufacture goods.
What is capital?
The place where buyers and sellers come together to trade goods and services
What is a market?
This decreases as prices increase
Economics which focuses on large scale systems, like countries.
What is macroeconomics?
This goes up when the price goes up.
What is supply?