Show:
Vocabulary
Types of Economies
Resources
Economic Decisions
Potpourri
100
Scarcity
What is the inability to satisfy all wants at the same time called?
100
Mixed
What kind of economy do most of the countries in the world have?
100
Natural
What kind of resources are lumber, soil, iron ore, water, and coal?
100
Free markets
What is allowed to operate without much government interference?
100
Consumption
What do we call the using of goods and servic/es by the consumers?
200
Choice
What is selecting an item or action from a set of possible alternatives called?
200
Command
What kind of economy has central ownership of property and resources?
200
Human
What type of resource are secretaries, nurses, dentists, lawyers, and carpenters?
200
Profit
What is left when the taxes, bills, and all expenses have been paid?
200
Production
What do we call the combination of human, natural, and capital, and entrepreneurship to make goods or provide services?
300
Opportunity cost
What is it called when a choice is made and the highest valued alternative has to be given up?
300
Free Market
What type of economy has private ownership of property and resources?
300
Capital
What type of resource are supplies, buildings, electricity, and tools?ss
300
Private property
What d o you call your home, double wide, or land you own?
300
Communism
What type of government do most countries with command economies have?
400
Free market
What is the type of economy described by consumer sovereignty, competition, and individual choice?
400
Entrepreneurship
What type of resource is described by Tina's Nails, Bob's Barbeque Stand, Cakes and other Creations, etc.?
400
Competition
What makes goods and services higher quality and lower prices for the consumer?
500
Incentives
What do we call things that incite or motivate and are used to change our economic behavior.
500
Command
What kind of economy does China, North Korea, and Cuba mainly have?
500
Capital Resources
What type of resource does fencing wire, shovels, tractors, hammers, and nails describe?
500
Consumer sovereignty
Who determines what goods and services will be produced with their purchases?
500
Monopolies
What does the Sherman and Clayton Antitrust Acts keep from forming in United States businesses?