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JA Finance & Econ

JA Finance and Economics Chapter 13

QuestionAnswer
What is the first major decision made in an economy? What to produce
What is the second major decision made in an economy? How to produce it
What is the third major decision made in an economy? Who will get the goods and services produced
The government usually owns the economy in a Command Economy
The people usually make the economic decisions ina Market Economy
Economic decisions are based on long standing decisions in a Traditional Economy
The highest valued benefit given up when a choice is made is called Opportunity Cost
In today's world, most countries have a... Mixed Economy
When a country cannot grow enough food to meet demand this is an example of? Scarcity
Three basic factors of production are? Land, labor, and capital
Financial trust extended to another person is called credit
One disadvantage of using credit is that it encourages impulse spending
When you use a credit card you buy now... pay later
Three variables that affect saving money are amount, time, and interest
The resources people have for satisfying their wants are called Factors of Production
Anything produced in an economy that is used to produce good and services is called Capital
The act of buying goods or services is called consumption
Created by: Simryla
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