Types of Economic Structures
The study of how we make decisions in a world in which resources are limited?
What is Economics
Any structure that allows buyers and sellers to exchange types of goods, services and information.
What is a Market
The direction that the demand curve moves if the demand increases.
What is Right
Something that motivates a person to do something.
What is Incentive
The year that Star Wars: A New Hope was released.
When is 1977
Demand for a good or service is greater than availability of the good or service.
What is Scarcity
What is Pure/Perfect Competition
The direction that the demands curves shifts if the demand decreases
What is Left.
Financial motivations for people to take certain actions.
What is Economic Incentives
The number of Olympic medals that Usain Bolt has won.
What is 8
Quantity demanded is greater than the quantity supplied.
What is Shortage
A type of Market with only one major company who dominates a good or service.
What is a Monopoly
The direction that the supply curve moves if the supply decreases.
What is Left.
Tax breaks to encourage consumers to spend on certain items.
What is Tax Credits
The 5th President of the United States
Who is James Monroe
A type of economy in which the government is in full control.
What is Command Economy
A type of Market with a few extremely powerful companies who dominate the Market.
What is Oligopoly
The direction that the supply curve shifts if the supply increases.
What is Right
Government incentives that provide money to businesses in order to help them grow and cut costs for the consumer.
What is Subsidies
The NFL team that has won the most Super Bowls
What is the New England Patriots
What is Market Economy
A type of Market with many buyers and sellers, but each company makes slightly different products.
What is Monopolistic Competition
The unit of the X Axis on the Supply and Demand Graph.
What is Quantity
Punish people or businesses financially for certain actions.
What is Negative Incentives
The 9th planet from the sun.