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7th Grade Economics

QuestionAnswer
The basic problem in economics scarcity
scarcity unlimited wants/limited resources
Three basic questions of economics 1)What will be produced, 2)How will it be produced, 3)Who will consume it
Factors of production Land, Labor, Capital
Land all naturally occurring resources
Labor what humans do and get paid for
Capital human made resources
Four types of Economic Systems Traditional, Market, Command, Mixed
Traditional Economy doing things the way it has always been done
Mixed Economy a combination of market and command
Command Economy government answers the three questions
Economics The study of how people seek to satisfy their needs and wants by making choices.
Embargo When one country refuses to trade with another country
Quota A limit placed on the amount of goods that may be brought imported a country to encourage production within that country
Tariff A tax placed on an imported good
Export Goods going out of a country
Import Goods coming into a country
Created by: carrie.pate
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