Studied by 1 personEconomics
The study of choices (Made by producers, consumers, and the government.)
every
----- nation has productive resources
services
Resources are used to produce goods and -----.
goods
Resources are used to product ----- and services.
bartered
To be ----- without money
purchased
To be ----- with money
limited
Productive resources, and therefore, goods and services are -----.
unlimited
Human wants are basically -----.
costs
Consumers, Producers, and the government have to make economic choices (resulting in opportunity -----)
choices
Consumers, Producers, and the government have to make economic ----- (resulting in opportunity costs)
market
To Whom will the goods and services be distributed? How will the goods and services be produced? What goods and services will be produced? In a ----- Economy consumers and producers answers these questions
command
To Whom will the goods and services be distributed? How will the goods and services be produced? What goods and services will be produced? In a ----- Economy, government answers these questions.
trade
Answering these questions most efficiently creates the need for specialization and interdependence resulting in… -----.
Scarcity
The inability to satisfy all wants at the same time. All resources and goods are limited. This requires that choices be made.
\n Resources
Factors of production that are used in the production of goods and services. Types of these are natural, human, capital, and entrepreneurship
Human resource
Any person who works to help create other resources
Capital
The equipment, materials, and items needed for a business to produce are called _____________________ resources.
natural
Things found on or taken from the earth. Gas, iron, coal, and water are all ________________________ resources.
entrepreneurial
When people have ideas or inventions for new goods and services. A woman who starts a business or a man who creates a new kind of product are examples of ________________________ resources.
Choice
The selection of an item or action from a set of possible alternatives. Individuals must choose because these goods and services are limited
Opportunity cost
What is given up when a choice is made (The second-best alternative). Individuals must consider the value of what is given up when making a choice.
price
The amount of money exchanged for a good or service. Interaction of supply and demand determines this
Incentives
Things that incite or motivate. _______________ are used to change economic behavior.
Supply
The amount of a product that a producer is willing and able to sell at a certain price.
Demand
The amount of a product that consumers are willing and able to buy at a certain price.
Production
The combining of human, natural, capital, and entrepreneurship resources to make goods or provide services.
consumption
The using of goods and services. Consumer preferences and price determine this
what
----- will be produced?
who
----- will produce it?
for whom
----- ----- will it be produced?
limited
Every country must decide how to use its ----- productive resources.
amount
The key factor in determining the type of economy a country has is the ----- of government involvement
traditional
In a ----- economy, economic Decisions are based on custom and historical precedent (the established way of doing things).
traditional
In a ----- economy, eople often perform the same type of work as their parents and grandparents, regardless of ability or potential.
command
In a ----- economy, Economic Decisions are made by the government.
governent
In a command economy, Sometimes called a “centrally - planned economy,” because the government is trying to control the direction of the economy.
command
A ----- economy is characterized by a lack of consumer choice, little competition, and little motivation.
command
In a ----- economy, there is central ownership of property and resources – usually by the government.
free
In a ----- economy, Economic Decisions are made by allowing producers and consumers to make their own choices, without government control.
free
In a ----- economy, there is Private Ownership of property and resources.
free
In a ----- economy, there is Profit Motive
free
In a ----- economy, there is competition
free
In a ----- economy, there is Consumer Sovereignty
free
In a ----- economy, there is individual choice
free
In a ----- economy, there is Minimal government involvement in the economy.
mixed
In a ----- economy, Individuals and businesses are owners and decision makers for the private sector.
mixed
In a ----- economy, Government is owner and/or decision maker for the public sector. (Public Transportation, Education, Healthcare, etc.)
mixed
In a ----- economy, Government’s role is greater than in a free market economy and less than in a command economy.
mixed
Most economies today including the U.S. are ----- economies.
Government regulation
​Which phrase best completes the title of this diagram?
Government regulation
Industrial productivity
Business profit
Consumer Choice
mixed
What type of economic system does the United States have?
mixed
Which is the most common economic system today?
Demand
What is number 1?
Supply
What is number 2?
Equilibrium price
What is number 3?
Surplus
What is number 4?
Shortage
What is number 5?
Mixed
Individuals and businesses are owners and decision makers for the private sector. Which type of economy?
Mixed
The government is owner and decision maker for the public sector. Which type of economy?
Command
Lack of consumer choice, Which type of economy?
Command
Centrally planned economy. Which type of economy?
Command
Central ownership (usually by government) of property/resources. Which type of economy?
free
Profit motive is which type of economy
free
Consumer sovereignty is which type of economy
free
Individual choice is which type of economy
free
Competition is which type of economy
free
Private ownership of property/resources is which type of economy
free
Minimal government involvement in the economy is which type of economy
Traditional
People often perform the same type of work as their parents and grandparents, regardless of ability or potential. This is which type of economy?
Traditional
Economic decisions are based on custom and historical precedent. This is which type of economy?
Note 
Flashcard (20)