an economy in which production is based on custom and tradition and which people often grow their own food,make their own goods and use barter to trade
What is Traditional
100
the advantage for a traditional economy
What is everyone is equal
100
What are three basic economic questions?
What is what to produce, How to produce, who to produce it for
100
Name some renewable resources
What is Trees, soil, water
100
when their is limited resources but unlimited wants
What is Scarcity
200
Command economy
What is an economic system in which the government makes all the economic decisions
200
The disadvantage that can lead to higher prices, many our poor, few are wealthy
What is Market
200
what can lead to an increase in productivity of an item?
What is New knowledge, tools and technology.
200
What are some examples of services that are provided to consumers?
What is Dog walker, doctor, babysitter.
200
Demand
What is The amount of goods and services that consumers are willing and able to buy at any one time
300
An economy that is combination of traditional,market and command
What is Mixed
300
the advantage of the economy, command
What is no competition, very low crime rate.
300
Name the different categories of productive resources?
What is Human Resources, Capital resources, Natural resources, Entrepreneurship
300
a focus on only one or two aspects of production occurs in order to produce a product more quickly and cheaply
What is specialization
300
When one thing is given up to by another
What is opportunity cost
400
An economic system based on private ownership and free trade and competition their is little government involvement
What is market
400
You cant always find what you want, not a lot of high technology
What is traditional
400
What are three basic human needs?
What is Food, clothing, and shelter
400
an example: buying a leash for your dog
What is an example of a want and how people satisfy that want.
400
When supply goes up prices go down and when supply goes down prices go up.
What is Law of supply
500
what are two country's that have a command economy
What is Cuba and North Korea
500
advantage of consumers have a lot of choices, freedom to make decisions.
What is Mixed
500
when the supply of a particular good is high what will happen to the price of the good?
What is Price will go down.
500
an example: I could go to the movies or I could go to the beach. I went to the beach, my opportunity cost is going to the movies.
What is an example when you have had a choice between two or more things and what your opportunity cost was.
500
when demand goes up prices goes up and when demand goes down prices go down