Show:
Terms
Situations
Types of Economies
Demand and Supply
Wild Card
100

occurs when we do not have enough resources to produce all of the things we would like to have  

What is scarcity?

100

A waitress brings you a soda. This is an example of...

What is service?

100

Economy where government makes all the decisions.

Command Economy

100

People who buy goods and services 

Consumers 

100

Expenses that do not change no matter how much a business produces

Fixed Cost 

200
An example of a want And an Example of a Need 
accept any acceptable answers 
200
The t-shirt you bought at the mall is an example of...
What is a good?
200

The Economy that Adam Smith and the Founding Fathers believed in

Market Economy 

200

People or businesses that provide goods and services 

Producers 

200
A cost that changes depending on how much a business produces 

Variable Cost 

300
The three basic economic questions.
What is "what to produce", "how to produce", and "for whom to produce"?
300
Jerry wanted to buy a new t-shirt that costs $45. He would have to cut grass for 9 hours in order to buy the shirt. Jerry decided to shirt was too expensive because he would have to work too long to purchase it. The time it would take to earn the money for the shirt is Jerry's ________________?
What is opportunity cost?
300
Governement that combines governement control and consumer choice.
What is a mixed economy?
300

What happens to the price of a product if the supply of a product goes up, and the demand stays the same 

The price will decrease 

300

The Combination of both fixed cost and Variable cost 

total cost 
400

What is economics?

The study of how people choose to use their limited resources 

400

Jane opened a new restaraunt in Jamestown. Jane is now a _____________________.

What is entrepreneur?

400
Economic system that most closly fits the US economy.
What is a mixed economy?
400

Name 4 of the important factors related to demand 

Amount, Willing to buy, able to buy, and Price 

400

Giving up one alternative good or service for another 

trade off 

500

What are the 3 different types of resources 

Natural Resources, Labor, and Capital 

500

A producer is now using rocky, infertile soil that could be better used for a factory. The field is yielding fewer watermelons than the fertile fields.

What is increasing opportunity costs

500
No competition, no innovation, no freedom.
What are disadvantages of a command economy?
500

Use supply and demand and explain the recent increase in gas prices 

The war in Iran has decreased the supply of Gas, and the demand has remained constant: resulting in an increase in gas prices 

500

The equation for calculating GDP per capita 

The total GDP then divide by the country's population