Economics
Refers to the economic problem of having limited resources with unlimited wants
What is scarcity
Things that people must have to survive
What are needs
Things that people would like to have but can live without
What are wants
As a Business cycle moves from a trough to a peak.
What is expansion?
This product was infamously in a shortage during the Covid pandemic.
What is toilet paper?
Someone who buys goods and services
What is a consumer
Actions done for others in exchange for payment
What are services
Tangible items that people consume or use
What are goods
Goods and services purchased from overseas
What is imports
Trade markets happen internationally and country will import a product when the price globally is what?
What is lower than the domestic market?
This is the social science that studies the production, distribution, and consumption of goods and services.
What is economics?
The location where the two axes meet.
What is origin?
The effort people contribute to the production of goods and services
What is labour
When there is high supply and low demand, what happens to price?
What is decrease?
This is an organisation engaged in the trade of goods and services to consumers.
What is a business
A depression is a recession that lasts at least this long.
What is a year?
When an item leaves a country and is sold to another, it is called this.
What is an export?
A store receives 1000 rolls of toilet paper and 200 people need it. What is the economic term for the amount of product?
What is surplus?
Measures the total income of every person in a country and total production of resources
What is GDP?
Economic system in which the government controls and sets prices
What is command/planned economy
In a communist country, they own the property.
What is the government?
The economic system in which individuals/businesses decide what, how, and how much will be produced/sold
What is a capitalist/market economy
Increase in cost of items over a period of time.
What is inflation?
What is the economic system that the United States is under?
What is a mixed economy?
The year of black Tuesday (first day of the Great Depression)
What is 1929?