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Economics

QuestionAnswer
Supply The total amount
Demand How bad people want it
Specialization Having a certain job to do
Wants Things people desire but don't need
Needs Things humans need to survive
Shortage Having a low amount of a product
Surplus Having more than enough of an item
Factors of Production The "Ingredients" needed to make a product
Productivity Producing Something
Interdependence Relying on someone else for something
Scarcity Not having enough
How can you improve productivity? New Technology, Add technology, and specialization
What are advantages of factory made products? You can make more, things are the same each time.. ect.
What are disadvantages of factory made products? Since you can make more the value will go down.
What are advantages of home made products? Better quality will raise value, better customer service, cost less, and uniqueness.
What are disadvantages of home made products? You can't make as more, you have jobs at stake, and people may get tired...
How does supply and demand affect production? A company may hold off on production as demand increases so the value will to but if supply gets really high and there is little demand there will be a surplus.
How can people adapt to scarcity of things such as water? They can restrict use up to a certain point and charge higher prices.
How is the US interdependent? We rely on countries such as China, and Iran for things such as oil, and capital.
What is a traditional economic system? When people do the same thing over and over and NEVER CHANGE the way the things are done or ran.
What is a Market economic system? Where decisions are made or based off of SUPPLY and DEMAND.
What is a COMMAND economy? It is where all decisions are made from the GOVERNMENT and FORCED.
What is a MIXED economy? Where ALL three economic systems come into play.
Created by: kespires
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