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Lessons 5.1-5.6
| Question | Answer |
|---|---|
| __________________ is the study of how people meet their wants and needs. | economics |
| Having a limited quantity of resources to meet unlimited wants is called ________________________ | scarcity |
| The cost of what you have to give up in order to get what you want is called ________________________________ | opportunity cost |
| _______________ is the desire for a certain good or service. | demand |
| _______________ is the amount of a good or service that is available for use. | supply |
| The price at which demand equals supply is ___________________ | market price |
| People or businesses that make and sell products are called ______________________ | producers |
| People, or businesses that buy, or consume, products are called ______________________ | consumers |
| ________________________ is the cost of making one or more units of the product. | marginal cost |
| A factor that encourages people to act in a certain way is called an ____________________________. | incentive |
| An organized way for producers and consumers to trade goods and services is called a _____________________________ | market |
| The trading of goods and services for other goods and services without the use of money is called _________________________ | barter |
| The money a company has left after subtracting the costs of doing business is called ___________________________ | profit |
| The money earned by selling goods and services is called _____________________ | revenue |
| The act of concentrating on a limited number of goods or activities is called _____________________________ | specialization |
| The struggle among producers for consumers’ money is called _______________________ | competition |
| The general increase in prices over time is called _______________ | inflation |
| A decline in economic growth for six or more months in a row is known as a ______________________ | recession |
| An economy in which people make economic decisions based on their customs and habits is called a _________________________ | traditional economy |
| An economy in which individual consumers and producers make economic decisions is called a ___________________________ | market economy |
| An economy in which the central government makes all economic decisions is called a ____________________________ | command economy |
| An economy that combines elements of traditional, market, and command economic systems is called a ____________________ | mixed economy |
| The economic growth or an increase in living standards is called ______________________ | development |
| Countries with less-productive economies and lower standards of living are called _____________________________ | developing countries |
| _________________ is the amount of goods and services produced given the amount of resources used. | productivity |
| The practical application of knowledge to accomplish a task is called __________________________________ | technology |
| The exchange of goods and services in a market is called _________ | trade |
| All of the buying and selling that takes place within a country is known as _______________________ | domestic trade |
| Trade with foreign producers and consumers is called ____________ __________________. | international trade |
| Goods and services produced within a country and sold outside the country’s borders are called _______________________ | exports |
| Goods and services sold in a country that are produced in other countries are called _______________________ | imports |
| What is a tax on imports or exports? ___________________ | tariff |
| A government policy or restriction that limits international trade is called a ______________________________ | trade barrier |
| The removal of trade barriers, such as tariffs is called _____________________________ | free trade |
| _____________ is anything that is generally accepted as payment for goods and services | money |
| A _____________ is a plan that shows income and expenses over a period of time. | budget |
| The act of setting aside money for future use is _________________ | saving |
| The price paid for borrowing money is called __________________ | interest |
| An arrangement in which a buyer can borrow to purchase something and pay for it over time is called ____________________ | credit |
| __________________ is the act of using money in the hope of making a future profit. | investing |
| A ____________ is a share of ownership in a company. | stock |
| A ____________ is a certificate issued by a company or government promising to pay back borrowed money with interest. | bond |
| A ______________________ is a company that invests member’s money in stocks, bonds, and other investments | mutual fund |
Created by:
vfreeman
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