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Definition
| Study of how people and nations use scarce resources to fulfill needs and wants |
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| Desires we have that can be met by getting a good or service |
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| Products we can touch or hold |
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| Anything that can be used to make goods or services |
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Definition
| Not having enough resources to satisfy ones wants |
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| To give out or deliver a good or service |
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| To purchase or use a good or service |
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Definition
| A nations way of producing what it's people want |
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| Economic decisions are based on custom or habit |
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Definition
| Economic decisions are made by individuals and businesses |
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Definition
| Economic decisions are made by the government or central authority |
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| Economic decisions are made by a mixture if all three economies |
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| Giving up one good or services for another |
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Definition
| Negative aspect of a decision |
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| Positive aspect of a decision |
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Term
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Definition
| The benefit or opportunity given up when one option is chosen over another |
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Term
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Definition
Expense that does not change no matter how much a business produces
Ex. Rent |
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Definition
An expense that changes depending on how much a business produces
Ex.payroll |
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Definition
| Income or sum of all money received |
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Term
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Definition
| Money received over and above all costs |
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Term
| What are the three factors or resources needed for production. |
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Definition
Land- natural resources such as farm land
Labor- workers and their abilities such as the farmer
Capitol- items used to make other goods such as buildings, tools, trucks, computers, money, etc. |
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Term
| What are the 3 basic economic decisions that need to be made in any economic situation. |
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Definition
- what to produce?
- how to produce it?
- who will get the good produced? |
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Term
| Name a few of the characteristics of a traditional economy. |
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Definition
1) rules passed down from elderly to youth
2) very little change
3) mostly remote tribal areas
4) decisions based on custom and habit |
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Term
| Name a few of the characteristics of a market economy. |
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Definition
1) based on price and profit
2) producers and buyers compete
3) seen in the us and other free nations
4) decisions based in individuals and businesses |
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| Name a few of the characteristics of a command economy. |
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Definition
1) government sets product, prices, and quantity
2) no free choice
3) seen in communism, Egyptian pharaohs, etc.
4) decisions based on government or central authority |
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