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Economics

QuestionAnswer
How will the following situation affect the supply/demand and price of hula hoops? There is a malfunction at the factory and the machine that makes the hula hoops cannot be turned off. supply will increase so price will descrease
How will the following situation affect the supply/demand and price of sweatshirts? There is an unexpected cold spell in June demand will increase so price will increase
How will the following situation affect the supply/demand and price of iPods? Sony releases a cheaper version of the iPod called the sPod demand will decrease so price will decrease
In this system, the worker will take home a fixed amount of money no matter how much they produce in a day. command
One of the overriding values of this system is competition. market
This system does not place value on change. traditional
In this system, the wants and needs of the government are placed first. command
This is the system that the majority of the world uses, including the USA market
This systems is based on what your family or country usually produces and sells traditional
In these systems, people often have little or no choice in their career traditional and command
This system is also called communism command
A worker in this system would most likely have the same job as his or her ancestors traditional
This system is defined by individual desires and aspirations market
Because there is a surplus of asparagus in Oceana County, farmers can _________ it to other areas. export
________ are the things that people make to be sold to the public. consumer goods
If the ________ for an item is low, the price will decrease. demand
There is little stress on economic progress in a ________ economy traditional
Oil is an example of a ________ because it is a fossil fuel. natural resource
Due to the fact that we cannot grow bananas here, we have to ________ them import
In order to get customers to buy more goods, many producers will offer ________. incentives
Someone who gets paid for a job that doesn't involve making and selling a product, such as waiting tables, is providing a ________. service
After buying the marker for $20, I made a $10 ________ when I sold it for $30. profit
________, or a low supply of something, will often result in price increases scarcity
Producers decide what to produce, how to make it, and sell to producers in a ________ market economy
In a ________, the government decides what to produce, how it will be produced, and whom the goods should go to. command economy
The people who buy Nike shoes are ________. consumers
The price of an item will increase if the ________ is low. supply
The Nike company is a ________ of shoes and sporting goods. producer
________ is the study of the making, buying, and selling of goods and services. economics
Often times in a command economy, workers are required to make a certain amount of goods daily, which is known as a _______. quota
How will the following situation affect the supply/demand and price of beach chairs? There is a shortage of the material that is used to make the metal frames for the beach chairs. supply decreases price increases
Which 3 institutions interact with each other in the economic cycle? households, businesses, government
Created by: mrsdyer316
 

 



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