Resources
The oranges used to create orange juice are an example of a ___________ resource.
Natural
___________ is the study of production, distribution, and consumption of goods and services.
Economics
The amount of goods and services consumers are willing to buy at a certain price.
Demand
A form of business where two or more owners share the risks and profits.
Partnership
The type of economy where individuals own and make decisions for the private sector while the government makes decisions for the public sector. (U.S. is an example)
Mixed
Which of the following is not a public good or service?
Walmart, Firefighters, Military, Police
Walmart
Savers earn on their money if they keep it in the bank
Interest
What is the MAIN way Public Goods and Services are paid for
Taxes
Which is a human resource?
Lemon, donkey, oven, waitress
The combining of resources to create goods and services is called...
Production
The interaction of supply and demand determines...
Price
A boy sells lemonade at a lemonade stand using his own cups, water, and lemonade mix. This is an example of a ...
Proprietorship
The type of economy where the government owns all resources of production and there is no choice.. Commonly associated with communist or fascist countries.
Command
People who take money out of a bank are called...
Borrowers
What is the National Bank of the Unite States called?
The Federal Reserve
When there is too much money in circulation and prices go up, what economic problem are we experiencing?
inflation
What are the four types of resources?
Entrepreneur, Human, Capital, Natural
Price - Cost to produce the item = __________ Example: If Steve is selling candy bars for $1 and they cost him $.50 to make the $.50 left over is called what?
Profit
The amount of goods and services a producer is willing to sell at a certain price.
Supply
People are able to buy a stake in the Walt Disney Company using the stock market. Walt Disney represents the entire business. This is an example of:
Corporation
Steve lives in a developing country where the economy is based on customs and precedent. Steve's parents were farmers, his grandparents were farmers, and he will be a farmer as well. His kids will be farmers, their kids will be farmers, their kids will be farmers, their kids will be farmers, their kids will be farmers, and their kids will be farmers. What economy does he live in?
Name three types of legitimate currency.
Deposits, Cash, Coins
What is it called when one company tries to buy out all of it competitors and own everything?
Monopoly
Which amendment to the US Constitution allows Congress to tax individual and business income?
16th
The ice cream machine used to make a Frosty is an example of a __________ resource.
Capital
The factors of production (Human, Natural, Capital & Entrepreneurs) are also known as...
Resources
When consumers keep choosing to buy the same product, they are using...
Consumer Preference
If two businesses combine to make one, what type of business is it?
What type of economy does North Korea have?
Command
In this type of economy, people do the same thing their parents did. Ex: Sophia is a farmer. Her daughter will be a farmer. Her granddaughter will be a farmer. Her great-granddaughter will be a farmer. You get the point.
Traditional
In this type of economy, the government has a minimal role and most property is privately owned.
Free-Market
True or False: Command economies promote lots of competition
False
What type of Resource is this? Someone who takes a risk for profit.
Entrepreneur
_______ is when two or more companies produce similar goods but want consumers to choose their product over their rivals.
Competition/Rivalry
When price goes up, what happens to supply and demand?
Supply goes up, demand goes down.
If consumers aren't buying a product, what will businesses do?
Stop making the product.
The fact some Fords are made overseas shows that the United States is involved in a ____________ economy.
Global
Types of Economies differ based on how much is involved.
Government
Banks make money off of loans by charging __________
Interest
True or false: In a free-market economy, the government controls everything
False