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So. St. Ch. 10 test

test review

QuestionAnswer
productive capacity the total amount of things that a group of people can produce
technology a special knowledge about how to make things; the more knowledge, the more that can be produced
production process of making things
opportunity costs the thing that a person gives up by choosing one way of using resources instead of another; two egg = making brownies, instead of scrambled eggs
capital goods things that are used to make other things; wood is used to make houses
specialization companies or jobs that do one kind of service or make one kind of product; Levi makes jeans
division of labor different workers do different parts of a job; some build an engine, some build the exterior, some build the interior = to make a car
assembly line products move on a rolling platform past different workers that each do a small part of the job
goods products that you can touch; food, clothing,...
services actions or jobs that people are paid to do for other people
allocation/distribution deciding who gets what goods and services when there is not enough for everyone
lottery short term solution for allocating goods and services; buy a ticket and if your tickets is pulled, you get the goods and service
rationing a government set limit on how much of a scarce goods or service the average American could buy; each person can only buy 10 gallons of gas each week
command economy economy in which the government makes all the decisions on what to produce, how much and how much to distribute
consumers people who buy products, make decisions based on how much they want the product and how much they can afford to pay
market economy businesses are encouraged to produce more things in order to earn a profit; however, they may need to lower their price so that people can afford it
trade one region sells some of its product to other regions and then buys things it can't produce from those regions
exports products sold to another nation
globalization growing interdependence of regions around the world
free trade trade without an taxes or limits on imports
supply total amount of product that producers are willing to make and sell at a certain price
demand the amount of a product that consumers are willing and able to buy at certain prices
law of supply the higher the price the company can charge, the more products it is willing to supply
law of demand the higher the price of an item, the lower the demand for it will be
Created by: matt48
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