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Economy
Economic Systems
Vocab
Supply and Demand
Misc
100
money by government
What is Fiat Money
100
This system discourages new ideas
What is a traditional economic system?
100
Study of how people try to satisfy their wants and needs through the careful use of relatively scare resources
What is economics?
100
when a consumer's need for a product is not urgent, demand tends to be
What is elastic
100
Is where you work at to get income
What is a factor market?
200
Money has portability, Durability, Divisibility, and Limited Availability
What is characteristics of Money?
200
A Example of this system would be North Korea
What is a command economy?
200
Alternative Choices
What is a trade off
200
Consumers demand more at lower prices then at higher prices
What is law of demand?
200
Being good at one thing
What is specialization?
300
Lack of Resources
What is Scarcity
300
A combination of the 3 systems
What is a mixed market?
300
Next best alternative given up
What is a opportunity cost?
300
When producers supply more at higher prices than at lower prices
What is law of supply
300
Economic growth, security, stability, and equity
What is economic goals?
400
A person who buys good
What is a consumer?
400
A advantage would be that everyone know what role to play in this economic system?
What is a traditional economic system?
400
our reason for doing things
What is a incentive?
400
How much consumers want
What is demand
400
combine factors of production to produce a good
What is a entrepreneur?
500
To distribute for a specific purpose
What is allocate?
500
Japan is this type of economic system
What is a mixed market?
500
a decision based on thinking through and weighing the alternatives to come up with the best potential result
What is a rational decision?
500
Are some reasons supply and demand change (list 2)
What is taste and expectations. (income and population would be good to)
500
a chart showing the flow of money and goods throughout a cycle
What is a circular flow chart?