Definitions
The study of how people fill unlimited wants with limited resources
Economics
When the product last for at least 3 years
Durable
Circular Flow Diagram
Power falls on individuals
Capitalism
The national food of Mexico is _____________
Mole
People use this in order to get people to do or not do something
Incentives
This refers to the physical and mental talent you need in a business
Labor
This market is where businesses pay individuals, and individual offer their labor to businesses
Factor Market
Everything is controlled by the government
Communism
This city is home to the world's tallest building
Dubai
Human made tools that you use in a business
Capital
This market is where businesses sell their goods, and individuals buy their goods
Product Market
Government moderates the economy, but does not totally control it
Socialism
This country won the FIFA 2018 World Cup
France
Someone that buys/uses goods and services
Consumer
Having a person focus on one specific type of job
Specialization
The United States would be an example of a ____________ economic system
Market
A graph that shows alternative ways to use an
economy’s resources. (FULL NAME!)
Production Possibility Curve
This drink is the most consumed manufactured drink in the world
When something of low survival needs has high monetary values
Paradox of Value
Every business needs to consider the 4 ______________ in order to be successful
Factors of Production
North Korea would be an example of _________________ economic system
Command
The line on a graph that shows the maximum possible output of an economy.
Production Possibility Frontier
This is the name of Mr. Cabral's cat.
Mochi