6th grade econ
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| economics | the study of how goods and services get produced and distributed
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| law of demand | the higher the demand the higher the price
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| law of supply | the lower the supply the higher the price
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| Allocation method | how foods and services are spread throughout society
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| Central planning | government decides who gets and how much
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| Free market | supply and demand in the public marketplace determine prices and availability
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| Entrepreneur | person who organizes operates and assumes the risk for a business venture
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| Scarcity | exists because human wants are insatiable (not able to be fulfilled) and resources are limited
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| Capitalism | economic system in which ownership and production of goods and services is controlled by private individuals
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| Socialism | mixed economy
government provides for necessities of life private enterprise provides non essential goods and services
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| Communism | Government is the economic system
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| Capital | refers to factories equipment and property that can be used to produce wealth
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| Competition | exists when there is more than one seller of a product
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| Corporation | business organization formed and owned by a number of people (share holders)
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| Income | money goods or services earned by the labor or by the use of other resources
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| Inflation | continual increase in prices throughout a nations economy
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| Investment | use of money to provide income or profit
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| Monopoly | exists when there is only one seller of a product
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| Profit | earnings of a business over and above all costs
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Created by:
Brenton
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