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MTTC - Elementary Ed
Economics
| Question | Answer |
|---|---|
| plays an important role in how careful consumers are when using their resources and what they perceive as needs as opposed to what they perceive as wants | economy |
| the amount of a product or service available to consumers | supply |
| how much consumers are willing to pay for a product or service | demand |
| a measure of supply in that demand is high when there is low supply of an item | scarcity |
| related to scarcity and demand; when demand is scarce, consumers have to make difficult decisions (they can go without item, pay more for it, or go elsewhere for the item) | choice |
| the items one can barter in exchange for goods | resources |
| When a _________ happens, people at all levels of society feel the economic effects | recession |
| the _________ ________ _______ of abundant natural resources: an increase in revenue and new jobs | positive economic aspects |
| the ________ ________ _______ of abundant natural resources: environmental degradation, corruption, social tension, and dependence | negative economic aspects |
| the study of the buying choices that people make, the production of goods and services, & how our market system works; the 2 kinds are command and market | economy |
| economy where the government controls what and how much is produced, the methods used for production, and the distribution of goods and services | command economy |
| economy where consumers ultimately affect these decisions by choosing whether or not to buy certain goods and services; producers make decisions about methods and distribution on their own (the US is this economy) | market economy |
| 5 characteristics of a market economy | 1. economic freedom 2. economic incentives 3. competition 4. private ownership 5. limited government |
| there is freedom of choice with respect to jobs, salaries, production, and price | economic freedom |
| a positive incentive to make profit; a negative incentive would be a drop in profits, causing the producer to decrease or discontinue production | economic incentives |
| there is more than 1 producer for any given product' an incentive for producers to make the best product at the best price | competition |
| production and profits belong to an individual or to a private company, not the government | private ownership |
| government plays no role in the economic decisions of its individual citizens | limited government |
| occurs if sufficient regulations aren't in place to counter strip mining, deforestation, and contamination | environmental degradation |
| occurs if sufficient regulations aren't in place to counter bribery, political favoritism, and exploitation of workers as greedy companies try to maximize their profits | corruption |
| occurs if the resources are privately owned such that the rich become richer and the poor don't reap the benefits of their national resources; class divisions become wider, resulting in social unrest | social tension |
| occurs if the income from the natural resources isn't used to develop other industries as well; the economy becomes dependent on one source and faces potential crises if natural disasters/depletion take away that income source | dependence |
| The factors of production are... | land, labor, capital, and entrepreneurship |
| this includes not only actual land, but also forests, minerals, water, etc. | land |
| this is the work force required to produce goods and services, including factors like talent, skills, and physical labor | labor |
| this is the cash and material equipment needed to produce goods and services; i.e. buildings, property, tools, office equipment, roads, etc. | capital |
| persons with initiative can capitalize on the free market system by producing goods and services | entrepreneurship |
| The 2 types of markets are ______ and ________ markets | factor, product |
| consists of people who exchange their services for wages; the people are sellers and the companies are buyers | factor markets |
| the selling of products to the people who want to buy them; the people are the buyers and the companies are the sellers | product markets |
| At the start of the 21st century, the role of ___________ and ______________ ____________ (ICT) grew rapidly as the economy shifted to a knowledge-based one | information , communications technologies |
| Technology has become the strongest factor is determining ___ ______ ______ for many countries | per capita income |
Created by:
jmeeker
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