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Economics Quiz 2

Capital Goods man made goods that help produce other products, such as a machine, a drill or an oven
interdependence because resources are not distributed equally around the world, this is when countries depend on each other for many goods and services
market economy an economic system in which people are free to produce or buy whatever they want
specialization when businesses and nations focus on producing only certain kinds of goods or services, using their best resources and most skilled workers
import goods from a foreign country brought into another country
export goods and services that are sold to other countries
traditional economy an economic system where decisions are based on old customs, religions, or beliefs- mostly found in an agricultural (farming) society.
command economy an economic system where the government (dictators and monarchs) make all decisions about what and how to produce goods and services
If the economic performance of a country is improving it's standard of living is improving
If the economic performance of a country is not improving the standard of living is dropping
Gross Domestic Product (GDP) the total dollar value of all final goods and services produced in a country during a single year.
A nation's standard of living is determined by the ability to meet people's needs for food, clothing, education, and shelter, along with health care
Economists people who study how goods and services are made and consumed.
Economics the study of how people, businesses, and countries use their resources to satisfy the wants and needs of their people
List 4 Basic Needs food, clothing, water, shelter
Examples of Natural Resources water, soil, plants, animals, land
Scarcity the problem of not having enough of a resource to meet the demands.
2 Problems of Scarcity Unlimited Wants of people Limited Resources available to meet needs
opportunity cost the value of what was given up to gain or purchase something else
consumers people who buy goods and services
producers people who make and sell goods and services
profit the money that is left over after the costs of running a business are paid
entrepreneurs people who start and own their own businesses
3 Basic Economic Questions What should be produced? How should it be produced? Who should it be produced for and sold to?
True or False: In a market economy, the role of the government is limited. TRUE
True or False: North Korea is an example of a country with a market economy FALSE - They have a Command Economy. The United States has a market economy
2 Laws of a Market Economy The law of supply and the law of demand
Demand how much money consumers are willing to spend on a product
Supply the amount of an item that is produced.
4 Factors of Production land, labor, capital, entrepreneurship
labor the people (human resource) that provide goods and services through their work.
Capital Goods Things we make in order to make other goods or to perform other services.
Land The natural resources that are the starting point for producing goods. Examples are fossil fuels, water, wood, plants, air, soil, oil, and coal.
Created by: adasinger



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