Show:
Economic Systems
Productive Resources
Vocabulary Terms 1
Vocabulary Terms 2
Vocabulary Terms 3
100
economic decisions based on history/tradition/custom
What is a traditional economy?
100
anything found in the environment that can be used to produce
What are natural resources?
100
maker/seller of a good or service
What is a producer?
100
any manufactured product
What is a good?
100
amount available for sale
What is supply?
200
economic decisions made by the government
What is a command economy?
200
labor, people with knowledge/skills
What is human resources?
200
buyer/user of a good or service
What is a consumer?
200
work done for others
What is a service?
200
amount desired for purchase
What is demand?
300
economic decisions made by individuals
What is a market economy?
300
tools used to produce
What is capital resources?
300
something necessary for life
What is a need?
300
shortage of something
What is scarcity?
300
Cuba and North Korea have this type of economy
What is a command economy?
400
a blend of command and market systems
What is a mixed economy?
400
person who takes a risk to produce a good or service
What is an entrepreneur?
400
something desired
What is a want?
400
more than enough
What is surplus?
400
to trade one good or service for another
What is barter?
500
something that is given up when something else is chosen
What is opportunity cost?
500
producers in an economy must ask 3 basic questions
What to produce? How to produce? For whom to produce?
500
trade without barriers, lack of government rules
What is free trade?
500
supply is up and demand is down
What happens when prices go down?
500
supply is down and demand is up
What happens when prices go up?