Basic Economics
Economic Systems
Supply and Demand
Prices
Mixed Bag
100
Need or Want
Want
100
the struggle among producers for consumer dollars($).
Competition
100
the amount of goods available
Supply
100
When the price of pizza equals the amount demanded, is called...(where both demand and price are equal)
Equilibrium Price
100
$ brought in by a business is called.......(Chapter 6)
Revenue
200
True or False? People can have everything they want.
False
200
economic system that relies upon habit, custom, or ritual to decide how what is produced
Traditional Economy
200
The amount of a good or service that people are willing and able to buy at different prices.
Demand
200
the lowest amount someone can be paid per hour.
Minimum Wage
200
What you guys bought to try and beat Mr. Skeen
(parts of ownership in company)
Stocks or Shares
300
the most desirable alternative choice given up when you make a decision.
ex-"sleep late or wake up early to go fishing"
Opportunity Cost
300
System where individuals, not the government, control the economy.
Market Economy
300
The amount of money someone earns in a certain period of time.
Income
300
What is this called?
Substitute Goods
300
True of False. A monopoly has to do with Economics
True.
400
Someone who combines land, labor, capital to create a new job or service
Entreprenuer
400
the government decides what is produced and consumed of goods and services
Command Economy
400
What affects shifts in Demand?
Income, consumer expectations, population, advertising, fads/styles.
400
Give me an example of Complimentary Goods.
(goods that are used with each other)
Peanut Butter and Jelly, Wheel and Tire, Toothbrush and Tootpaste, etc.
400
Give me an example of how you or your family contributed to the Circular Flow of Income
Answers will vary
500
Resources used to make goods(land, labor, capital)
Factors of Production
500
A mixture of command and market economy
Mixed Economy
500
What is this called?
Circular Flow of Income
500
When you have more of item than what people want to buy at a certain price(Umbrellas)
Surplus
500
The type of business Mr. Saldivar has is called a _ proprietorship
Sole