Economics
When the demand for a good or service is greater than the availability of the good or service.
This is having a limited quantity of resources to meet unlimited wants.
what is scarcity?
An economy where both the government and individuals play roles in production and consumption
What is a mixed economy?
An economic system where all decisions are based on customs, traditions, and beliefs.
What is a traditional economy?
A product that last less than 3 years is called?
What is a non-durable good
when you change one idea or invention to make it better
What is innovation?
People or businesses that buy or consume products and services.
What is a consumer?
Something done in exchange for money
What are services?
Products that can be bought or sold
What are goods?
Refers to how many people want those goods and services.
What is demand?
A product that last more than 3 year is called?
What is a durable good
People or businesses that make and manufacture raw materials into goods and services.
What is a producer?
The study of how people meet their needs and wants
What is economics?
The number of goods and services that are available.
What is supply?
a required amount of money that people must pay the government to fund government public works projects
What are taxes?
A set of rules about how parts of the economy should function
What are regulations?
An economic system in which the government makes all the economic decisions and sets all the prices and wages
What is a command economy?
Which economic system fits into a democratic government?
Mixed or Market
Goods brought into a country to be sold.
What is an import?
A reason or reward that motivates people to behave or do something in a certain way.
What is an incentive?
The main types of economic systems
What is
1) traditional economy
2) command economy
3) market economy
4) mixed economy
Contradiction between the high value of a nonessential item and the low value of an essential item
The Maasai tribe and other indigenous cultures follow this economic system
What is a traditional economy?
An economic system with a factor market and product market
What is a market economy?
The process in which businesses begin to operate internationally
What is globalization?
Economic Indicator:
The total income of a country divided by the number of people living in that country.
What is GDP per capita?