the different resources and factors people have for producing goods and services
What is factors of production
100
money spend and used to help businesses grow in order to make a profit
What is invest
100
type of government where govt controls factors of production
What is command
200
the difference to what it cost to produce and the prices of the product
What is profit
200
the 3 ways that wants differ
What is environment, societies/culture, and wants are short lived/change over time
200
The process of making products available to the consumer
What is distribution
200
the economy that most countries have
What is mixed economy
200
the type of economy (out of the major 3) the U.S. is closest to
What is market
300
anything produced in an economy that is used to produce other goods and services
What is capital
300
when you have unlimited wants and limited resources
What is scarcity
300
economic system in which it is the govt goal is to have equality
What is command
300
type of economy that promotes individual freedom
What is market
300
economic decisions are based on customs
What is traditional economy
400
money available for investing and spending
What is financial capital
400
deciding to study for 3 hours for the test tonight, and losing three hours of sleep in order to get the benefit of a better grade is an example of
What is opportunity cost
400
the two ways scarcity can affect price
What is more scarcity prices go up
Less scarcity prices go down
400
economic system where competition is important
What is market
400
why can there be quick change in a command economy
What is the govt is the only thing making decisions
500
What are the 3 economic decisions
What is What and How much to produce
how to produce it
who will get what is produced
500
five things that the U.S. govt controls
What is education, transportation (highways), defense, airports, mail
500
5 things govt controls in a command economy
What is transportation, communications, banking, manufacturing, farms/stores, set wages.
500
China introduces this into their economy to become a mixed economy
What is small business
500
the definition of labor and land
What is land- any natural resource used in the production of a good of service
Labor- time, energy, skill, and knowledge given by people to produce a good or service