Vocabulary
Consumer
What is a person who buys or uses goods and services?
Money is rarely used—most goods are exchanged.
What is a Traditional Economy?
Four Factors of Production
What is Land, Labor, Capital, Entrepreneurship?
A person who buys a video game is a…
What is Consumer?
How much producers are willing to sell.
Producer
What is a person or business that makes or provides goods or services?
Individual businesses cannot make their own major decisions, they need approval.
What is a Command Economy?
Natural resources like water, trees, and minerals
What is Land?
A bakery making cupcakes is a…
What is Producer?
How much consumers want to buy.
Scarcity
What is not having enough of something because resources are limited?
Businesses and consumers make most decisions with little government involvement and other companies can compete by creating their own products.
What is a Market Economy?
Workers and their skills
What is Labor?
This happens when a person or business focuses on one specific task to produce goods more efficiently.
What is specialization?
High supply + low demand, prices go...
What is down?
Economics
What is the study of how people use resources to meet their needs and wants?
Some economic decisions are made by businesses and consumers, but the government also makes rules.
What is a Mixed Economy?
Machines, tools, buildings, and technology
What is Capital?
A store ordered too many backpacks, and now they have more than customers want to buy.
What is Surplus?
Low supply + high demand = prices…
What is up?
Opportunity cost
What is a trade off or the thing you give up when you choose one option over another?
A potluck is described as a mixed economy because...
What is "Linda always brings the pie, the host makes the rules and supplies the stuff people don't bring, and the community decides what food to get"?
People who start businesses and take risks
What is Entrepreneurship?
A popular new toy sells out quickly, and there aren’t enough for all the consumers who want one.
What is Scarcity?
A company raises the price of its new sneakers, expecting demand to drop. But instead, more consumers buy them because they think the higher price means better quality. What does this situation show about consumer behavior?
What is "Sometimes demand can increase even when price increases"