Economic Systems
What two things cause scarcity?
unlimited wants, limited resources
what kind of economic system does the u.s have?
mixed economy/ capitialist
capitialism thrives on what?
competition
what are the two types of income?
disposable and discretionary
when mr. guy forgot to pay his credit card, he was charged a what?
a late fee
What is "the study of the behavior and decision making of small unis such as individuals and businesses?" also known as "the smaller picture"
microeconomics
What is the quality of life based on the possession of necessities and luxuries that make life easier?
standard of living
the governments role in the econonmy is known as what kind of economics?
hint: 2 words
laissez-faire
what is a movement to educate buyers about the purchases they make and to demand better and safer products from manufacturers?
consumerism
when serena bought 72 worms on a string at 2am, it can be known as what kind of buying?
impulse buying
someone is deciding whether to go out to dinner tonight, or rather save money so they can go to the movies tomorrow. this is an example of what?
a trade off
because of specialization, our economy displays a strong degree of what?
economic interdependence
in what kind of economy is competition allowed to flourish with a movement w/ minimum govt interference?
free enterprise economy
what is the first decision a consumer must make?
whether or not to buy an item
taina gets paid what kind of wage working at wendys?
minimum wage
Rent is what kind of a cost?
a fixed cost
what is GDP used for?
to analyze how the economy is doing
dred scott v sandford had to do with what kind of rights?
property rights
when a repair/replacement is available for a broken item within a certain time period, it is known as what?
a warranty
when kalei pulled up to the bojangles drive thru and discovered their drive thru was literally broken, she was able to ____ her money instead of spending it.
hint: 4 letters
save
What is the additional cost of producing one additional unit of output?
marginal cost
what are the four factors of production?
natural recources, labor, capital, and entrepreneurs
what is known as the mount of money left over after all the costs of production have been paid?
profit
to shop effectively, you must read newspapers, make pone calls, and visit different stores. this is known as what kind of shopping?
comparison shopping
when u pull out a pack of gum and demand increases and everyone takes some, you experience a gum ________
shortage