Economics
Economics 2
Economics Economics
More Economics
It's all Economics
100
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?
100
A blend of command, market, and traditional economies.
What is a mixed economy?
100
An economic system where all decisions are based on customs, traditions, and beliefs.
What is a traditional economy?
100
The direct trading of goods and services between people without the use of money
What is barter?
100
Producers and consumers compete with each other to make profit from customers.
What is Market Economy?
200
People or businesses that buy or consume products and services.
What is a consumer?
200
Something done in exchange for money
What are services?
200
Products that can be bought or sold
What are goods?
200
Refers to how many people want those goods and services.
What is demand?
200
A tax on goods (imports) from other countries?
What is a tariff?
300
People or businesses that make and manufacture raw materials into goods and services.
What is a producer?
300
The study of how people meet their needs and wants
What is economics?
300
The number of goods and services that are available.
What is supply?
300
Making a choice of what you want most. Giving up the next best alternative.
What is opportunity cost?
300
What is the natural resource?
What is the sun?
400
An economic system in which the government makes all the economic decisions and sets all the prices and wages
What is a command economy?
400
People focus on the needs of the community for survival.
What is a Traditional Economy?
400
Goods brought into a country to be sold.
What is an import?
400
A reason or reward that motivates people to behave or do something in a certain way.
What is an incentive?
400
Name the 4 types of economic systems
What is
1) traditional economy
2) command economy
3) market economy
4) mixed economy
500
These resources are used to produce goods and services.
1. Land (natural resources)
2. Labor (human resources)
3. Capital (goods as a resource)
What are factors of production?
500
The economic system in which individuals/businesses decide what, how, and how much will be produced/sold
What is a market economy?
500
The government decides what will be produced and owns all property.
What is command economy?
500
These are the three categories needed to graph a supply meets demand graph
What is price, quantity demanded and quantity supplied?
500
When both supply and demand meet at an intersecting point
What is market equilibrium?