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