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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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