study for Mr.Hall Home review 6th east

What are the four types of economy’s

Traditional, command, market, recession

What is equilibrium?

Where a buyer and seller have a fair price

What is command economy

Where the government controls everything

What is trade in world history

the exchange of goods, services, and ideas across regions, driving economic growth, cultural diffusion (like religions, tech, languages), and interconnectedness between civilizations, evolving from ancient localized networks (Silk Road, Trans-Saharan) through colonialism to modern global systems, fundamentally shaping societies and power dynamics

What did Africa have that was valuable

Salt part of a daily bases meal

What is scarcity

The fundamental economic problem that human wants exceed the availability of time, goods, and resources.

What is inflation

A general increase in prices and fall in the purchasing value of money.

What is a producer?

A person or company that makes goods or provides services.

What is a consumer?

A person who buys or uses goods and services.

What is a resource in economics?

Anything that can be used to produce something else, such as materials, tools, or time.

What is the difference between a want and a need?

A need is something you must have to survive (like food, water, and shelter). A want is something you would like to have, but do not need to survive (like a new video game or a designer shirt).

When you choose to spend your time playing a game instead of studying, what is your opportunity cost?

The benefit you gave up by not studying (e.g., getting a better grade). Opportunity cost is the thing you gave up.

What is supply?

The amount of a good or service that producers are willing to make and sell.

What is demand?

The amount of a good or service that consumers are willing and able to buy.

What is bartering?

Trading one good or service directly for another good or service without using money.