SOCIAL STUDIES 9

Economics

Is the branch knowledge or study of how people produce, consume and transfer wealth.

Scarcity

We have all unlimited wants, but our resources for it are limited, What do economics call it?

Shortage

A temporary problem when the demand for the product exceeds it's supply at a given price.

Needs

Are basic essential things that people need to survive.

Wants

Are upgraded things for people’s desire.

Allocation

Is the process or action of distributing something or dividing things into portions.

Resource allocation

Refers to the process by which available resources are distributed and utilized to produce goods & services.

Traditional

It's based on societal customs, customs, traditions and beliefs.

Capitalism

Ownership of production is in the hands of private individuals or groups.

Feudalism

Deals with extensive land ownership.

Mercantilism

Referred to as the key to wealth is export more than import.

Government

In command economy, they owns everything & provides everything for all. Who owns everything?

Mixed

Is an economic system where both the government & private individuals share everything, It's also a combination of market and command.

Market & command

In Mixed economy, combines both ________ & ______, what are those two?

Microeconomics

Study of individual choices (household, firms)

Macroeconomics

Study of the economy as whole (inflation, unemployment, growth)

Positive

It is based on facts & data, What is it defined as?

Normative

It is based on opinions or “what it should be”, What is it defined as?

Production

The process of creating goods and services to satisfy needs & wants.

Primary, secondary, tertiary

There are three types of production, What are those three?

Consumers

They are the people who buy goods/services to satisfy needs & wants, What are they called?