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Cost and Revenue
Economic Systems
Wants and Resources
Lesson 2 Vocabulary
Lesson 1 Vocabulary
100
Give an example of a Fixed cost
What is rent or insurance
100
Choices in a traditional economy are based on.
What is custom and habit
100
The resource that includes a nation's land and all of the materials it provides.
What is natural
100
Define trade-off
What is the alternative you face when you decide to do one thing rather than another.
100
Define want
What is desire that individuals and nations have.
200
Give an example of a variable cost
What is labor
200
Choices in a market economy are decide by
What is price
200
the resource that includes workers and their abilities.
What is labor
200
Define opportunity cost
What is the cost of the next-best use of time or money.
200
Define resource
What is a thing that can be used. to make goods or services.
300
What is total cost
What is combination of all fixed and variable costs.
300
Decisions in a command economy are made by.
What is the government
300
The resource that includes buildings and tools.
What is capital
300
Define Fixed Cost
What is an expense that does not change no matter how much a business produces.
300
Define Scarcity.
What is the situation of not having enough resources to satisfy all one's wants.
400
What is marginal analysis
What is compare the additional benefit of doing something with the additional cost of doing it.
400
A mixed market economy has elements of
What is command and tradition
400
What are the 3 types of resources?
What is natural, labor, capital
400
Define marginal cost
What is the additional or extra opportunity cost associated with each increase of one unit of sales.
400
Define Economics
What is the study of how individuals and nations make choices.
500
How do food costs vary.
What is depends on the number of customers and what they order.
500
What kind of economy does the U.S. have?
What is mixed market
500
Resources and used to make
What is products or services
500
Define benefit-cost analysis.
What is economic model that compares the marginal costs and marginal benefits of a decision.
500
Define economic system
What is a nation's way of producing things its people want.