Vocab
Misc
Fun
(Blank)
Economic Systems
100
What do we call things you buy that are physical objects?
Goods
100
Things that bring comfort and happiness to your life?
Wants
100
Quantity of a good or service that businesses are willing and able to provide...
Supply
100
What is something that is required in order to live?
A Need
100
The one with the most government involvement.
Command Economy
200
What do we call work or actions done for others, usually for pay?
Services
200
What type of resource comes from nature?
Natural Resources
200
What is opportunity cost?
The next best alternative you give up when making a choice
200
Quantity of a good or service that consumers are willing and able to buy...
Demand
200
Name one principle of a market economy?
Private ownership, competition, consumer choice, profit motive, limited government involvement
300
What is a consumer?
Someone who buys goods or services
300
As competition increases, prices...
Usually Decrease
300
Daily Double! How much do you want to wager?!
300
The primary reason business owners make investments and take risks in a private enterprise economy is
To make a profit
300
The United States is this type of Economy.
Mixed Economy
400
What is a producer?
Someone who makes and sells a product
400
What type of resource includes tools, machines, and factories?
Capital resources
400
Why does scarcity force people to make choices?
Because there are limited resources and unlimited wants
400
Why is competition important for consumers?
It increases choices, lowers prices, and improves quality
400
When competition is high, what happens to consumers?
They lookalternatives
500
What is market equilibrium price? (Market Price)
The price where supply and demand intersect
500
What term describes the fact that resources are limited?
Scarcity
500
Little Timmy has a big test tomorrow and has a choice between going to sleep at a reasonable time and staying up late and studying. If he stays up studying what is his Opportunity Cost?
A Good Night's Sleep
500
If you choose to buy shoes instead of a video game, what is the opportunity cost?
The Video Game
500
How are jobs often determined in a traditional economy?
By family and traditions