Vocabulary
Government-financed projects such as dams, highways, and bridges are called what?
Public Works
Which economic system is based on decisions about production and consumption are based on custom and tradition?
Traditional Economy
Which economic goal is the ability to make our own economic decisions without interference from the government?
Economic Freedom
What is a good?
A physical product we can hold and touch
Demand is how much a consumer wants of a good or service
The way a society coordinates the production and consumption of goods and services is called what?
Economic Systems
Which economic system leaves economic decisions up to the individual producers and consumers?
Market Economy
Which economic goal focuses on fairness and just distribution of society's wealth?
Economic Equity
What is the definition of a service?
An action provided to us
What is a consumer?
Some who acquires good and services for his/her own personal use
What is capitalism?
The free market economic system.
what is the most common type of economy today?
Mixed Economy
When an economy produces more and better goods and services.
Give an example of a service
Restaurant worker, librarian, nurse, teacher, bus driver. And many more!
When everyone gets the same amount
What is socialism?
A political and economic philosophy based on collective or government ownership of a society's resources and means of production.
An economic system in which decisions about production and consumption are made by a powerful ruler or government.
What is economic security?
Provides less fortunate members with support they need in terms of food, shelter, and health care.
What is a resource?
Anything used to get or create goods and services
What is first come, first served?
When there are limited quantities of something, first to get there gets the product ( concert or theater tickets, toilet paper)
What is communism?
A political and economic system in which all property and wealth is collectively owned by all members of society.
What is the definition of a mixed economy?
An economic system in which both the government and the individuals play important roles in production and consumption.
Allocates resources in such a way that the greatest number of consumers get what they want with the least amount of waste.
When supply is high, the price will be higher or lower?
Lower
What are the 3 basic economic questions?
What will be produced?
How will it be produced?
For whom will it be produced?