PRICES
You wanted to buy a popular toy, but there were not many left and everyone wanted one. Name the two economic forces that caused the price to increase.
What are demand and shortage?
An item that is made in a factory or business is called this.
What is a product?
Capitalism, market economy, laissez-faire, and this term are all names for the same economic system.
What is the free enterprise system?
The cycle of imports and exports between countries is called this.
What is trade?
Companies trying to beat each other with better products and lower prices is called this.
What is Competition?
Before Henry Ford improved manufacturing with the assembly line, automobiles were difficult to make and not many people could buy them because there were so few available. This economic term describes that situation.
What is scarcity?
A person or company that creates goods using resources is called this.
What is a producer?
This special tax is placed on foreign imports to protect businesses in the United States.
What is a tariff?
In 1973, Pepsi-Cola changed Mountain Dew’s image and focused on younger consumers with slogans like “Do the Dew.” In marketing, the specific group a company wants to sell to is called this.
What is a target market?
A “Me-Too Product” is a product that mainly copies another successful product instead of being unique. This business strategy tries to avoid competition by creating a brand-new market space.
What is Blue Ocean Strategy?
If the government sets a price ABOVE the normal market price, businesses may end up with too much product left over.
What is a surplus?
Henry Ford changed manufacturing forever in 1913 by creating this system.
What is the moving assembly line?
When the government uses tax money to help people with little or no income, it is called this.
What is redistributing income?
Products that are brought into a country and products that are sold to another country.
What is Import and Export?
The ability of a business to change, grow and adapt over time without losing profits or workers.
What is scalability?
This word describes how much of a product is available for consumers to buy.
What is supply?
The key idea that made Ford’s assembly line successful was using these so broken pieces could easily be replaced.
What are interchangeable parts?
Economics tries to answer these three basic questions: What will be made? Who will make it? And this final question.
What is “How will the price be determined?” - or "What will it cost?"
When countries, businesses or people rely on one another for success.
What is Interdependent?
A business owner checking whether the money earned from advertising was worth the cost is measuring this.
What is ROI (Return on Investment)?
A customer wants Nike shoes but buys Adidas instead because they are cheaper. In economics, the second choice is called this.
What is opportunity cost?
Natural resources, human resources, and capital goods together are known as these.
What are the factors of production, or productive resources?
When prices rise too high or become unstable, this group can step in and set price controls in the public sector to help stabilize the economy.
What is the government?
This is skilled person who takes a risk to start a business.
What is an Entrepreneur?
After reading The Wealth of Nations, many countries slowly moved away from mercantilism and toward free market systems. Name the economist who wrote the book.
Who is Adam Smith?