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Exploring Economics
Social Studies Exploring Economics
| Question | Answer |
|---|---|
| Scarcity | The lack of resources |
| Supply | Is the amount of a good or service that the producer wants to sell |
| Demand | Is the amount of product that a consume wants to buy |
| Capital | Is money used to make or do things |
| Entrepreneurship | The act of running a business and taking rights of that business |
| Market Economy | An individual that decides what to buy make and sell |
| Command Economy | A central government decides what goods will be made |
| Mixed Economy | The government has some control over what and how much is made. |
| Traditional Economy | Is based on custom. |
| Technology | Is using knowledge in a practical way to accomplish a task. |
| Free Market | Force that balance each other overtime |