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Economics
Definitons
Question | Answer |
---|---|
Opportunity Cost | when you have to make a choice to give something up in favor of another thing |
Market System | buyers and sellers make the economic decisions |
Law of Demand | describes when consumers are willing to buy more when the price of goods goes down |
Interchangeable | things that you can use in the place something else |
Scarcity | occurs when there is not enough to fullfill people's wants and needs. |
Specialization | when you make the most of resources to do only one type of thing. |
Traditional System | where the past determines the production of goods ans services. |
Command Economic System | The government controls the economy. |
Supply Curve | A line on the graph that shows the amount of a good that producers make at different prices. |
Equilibrium price | The point at which the supply and demand curves intersect. |