Economics
This word means how badly people want something.
Demand
The amount something is sold for.
Price.
The process of making things.
Production
Capitalism and Socialism are examples of these types of systems.
Economic Systems
Mr.Neilson lived in this state for 10 years.
Arizona
This word means how much of something there is in the market.
Supply.
The motivation to make certain choices which could be a reward or a punishment or a natural consequence.
Incentive
The process of getting things you make to people and stores.
Distribution
In this economic system, people own businesses and are free to buy and sell however they want.
Mr.Neilson was this age when he registered to vote.
17
These are decisions people make in the market everyday.
Choices
The place where buyers and sellers meet to exchange goods and services.
Market
The money needed to product or service.
Cost
In this system, everyone shares everything and there are usually very high taxes, a lot of welfare programs, and often low freedom.
Socialism
This is Mr.Neilson's favorite chip.
Sabritones
This is whatever someone is willing to pay for something.
Value
The rivalry between companies or people selling the same or similar goods or services. McDonalds and Burger King are a good example of this.
Competition
Farmers, Factory Workers, and a computer programmer are all examples of this. This word means the people needed to make a good or service.
Labor
In this system, people share everything and people are not allowed to own property, and the government decides how everything should go- including the jobs people can have and who does or does not get things like cars and other resources.
Communism
This product is how Mr.Neilson makes his moustache curl.
Moustache Wax
This word means that resources are limited, but wants are unlimited.
Scarcity
This is what you miss out on by making a certain choice.
Opportunity Cost
Raw Materials
In this system government allows people to own property, but the government may own some businesses and may create higher taxes and provide some welfare such as Universal Healthcare.
Mixed Economy
When Mr.Neilson was in high school, this was his favorite kind of music.
Opera