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why we have economies
Economic Decisions
3 Types of Economies
Economics 2
100
Anything used to produce other goods and services.
What is capital?
100
The buying or using of goods and services.
What is consumption?
100
People in a market economy undertake economic activities with little government control.
What is free enterprise?
100
When government controls production.
What is Command economy?
200
Resources never meet all wants.
What is scarcity?
200
The amount of something.
What is quantity?
200
To use your money to help a business get started or grow.
What is Invest?
200
Economy where customs control what is produced.
What is Traditional economy?
300
Land,labor,and capital
What are factors of production?
300
The practical application of science to commerce or industry.
What is technology?
300
When individuals decide how to save and use capital for goods and services.
What is capitalism?
300
Competition plays a large role in the economy.
What is Market economy.
400
The benefit given up when resources are used for one purpose instead of the next best alternative.
What is opportunity cost?
400
In this country who makes the first decision in production.
What is people who own resources?
400
Difference between cost to produce something and price the buyer pays.
What is profit?
400
The basic factors of production
What is land, labor and capital
500
Examples of people's basic wants.
What is food and shelter?
500
In the U.S who might decide what crops to grow
What is the farmer?
500
Today, most countries have a ____________ economy.
What is Mixed economy?
500
machines are considered this in production.
What is Capital?