Economic Systems
Economy in which production, investment, prices, and incomes are determined by a government.
What is a command economy?
A business owned by one person
What is a sole proprietorship?
the value of the next-best alternative that must be given up when a choice is made
What is opportunity cost?
Are supply and demand attached to each other?
Yes
When the price that balances quantity supplied and quantity demanded
What is equilibrium price?
Economic system in which decisions on production and consumption of goods and services are based on voluntary exchange in markets.What is a market economy?
What is a market economy?
a business owned by two or more people
What is a partnership?
The act of giving up one benefit in order to gain another, greater benefitWhat is a trade-off?
What is a trade-off?
If the price of something is too high this will happen to Supply.
What is it will go up because people are not buying the product?
A market in which there are many buyers but only one seller
What is a monopoly?
A market-based economic system with limited government involvement that is control by supply and demand
What is a mixed economy?
A business owned by stockholders who share in its profits but are not personally responsible for its debt
What is a corporation?
Limited quantities of resources to meet unlimited wants
What is scarcity?
If something is really popular this will happen to the demand.
What is it will go up because everybody will want the product.
The study of how a society uses its resources to produce wealth and make money
What is economics?
An economy in which production is based on customs and traditions and economic roles are typically passed down from one generation to the next.
What is a traditional economy?
The combination of two or more firms competing in the same market with the same good or service
What is a horizontal merger?
A situation in which quantity supplied is greater than quantity demandedWhat is a surplus?
What is a surplus?
This will happen to supply and demand if there is a really good sale.
What is the supply will go down and the demand will go up.
Give me one example of economics in actions that you have seen today
What is ........? Answers will vary
In Country D, business owners make most economic decisions. As long as they abide by fair trade policies, they can decide what to produce, how to produce, and for whom to produce without government intervention. These decisions are made by business owners based on what happens in the market. What kind of economic system is being described?
What is a mixed economy?
the combination of two or more firms involved in different stages of producing the same good or service
What is a vertical merger?
A situation in which quantity demanded is greater than quantity supplied
What is a shortage?
This will happen to supply and demand if they raise the price of a product to make it really expensive.
What is the supply will go up and the demand will go down?
Give me an example of a want and a need.
What is ........Answers will vary