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Civics
EXAM
| Question | Answer |
|---|---|
| What is scarcity? | |
| Three basic economic questions | What goods and service will be produced?, How will they be produced?, Who will consume, or use, them? |
| What is opportunity cost? | is the cost of the next-best use of your money or time when you choose to do one thing rather than another. |
| what is market economy? | is one the several types of economies that answer the three basic questions of what to produce, how to produce,and for whom to produce. |
| Global/Economic Interdependence | Means that people and nations rely on one another for goods and services |
| 4 Factors of Production | Provide services, Natural resources, Labor, and Capital |
| Gross Domestic Product/GDP | is the total market value of all final products produced in a country during a single year |
| Standard of Living | is the quality of life of the people living in a country |
| Circular Flow Chart | A model showing how goods,services, and money flow among sectors and markets in the American economy |
| Productivity | the degree to which resources are being used efficiently to produce goods and services |
| Specialization | when people,businesses,regions, and/or nations concentrate on goods and services that they can produce better than anyone else |
| Advantages of Competition | Competition leads to greater effciency, higher-quality products, and more satisfied customers. |
| Demand Curve | They go down from left to right on a graph |
| Law of Demand | Prices decreases so demand increase |
| Change in Demand | -----> Increase <--------- decrease |
| Law of Supply | Supplies will increase supply when price are high and decrease supply at lower prices |
| Shortage | When demand is higher than supply |
| Equilibrium Price | Perfect Price = demand and supply meet |
| Seasonal | When you dont have work during a certain time of year |
| Skilled | Has formal training (Chef=Skilled) |
| Professional | No formal training needed (Mcdonalds) |
| Pure Competition | Many businesses no brands |
| Monopolistic Competition | Similar products diff. brands |
| Oligopoly | Like monopoly - but small group of companies |
| Monopoly | No competition (fully control price) |
| Fiscal Policy | Federal government uses its power to tax and spend to help the economy |
| Inflation | Shrinking money - money worth less as time goes on (prices seem higher) |
Created by:
Dahnari Jones
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