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SS Chapter 19-20
Gallopade Version
| Question | Answer |
|---|---|
| Why do individuals and societies must answer the fundamental questions of economics | Resources are limited and individuals and societies must make choices about to use resources best |
| materials that come directly from nature that are used to produce goods and services | Natural Resources |
| people who provide labor to produce goods and services | Human Resources |
| factories, machines, technology, equipment, and other human- made goods used to make other goods | Capital Goods |
| Explain how individuals and societies answer the fundamental economic questions of “what to produce” and “how to produce it.” | based on the resources available to them |
| Explain how individuals and businesses in market-based societies answer the economic question “for whom to produce it.” | based on demand and means of distribution |
| Explain the role innovation plays in answering the economic questions. | Innovation can result in a good or service being created more efficiently or in a new product. It can also change the means of distribution for a good or service. |
| any place where buyers and sellers interact | Market |
| the amount of money a consumer pays for a good or service | Price |
| is how much of something producers are willing and able to sell | Supply |
| is how much of something people are willing and able to buy. | Demand |
| when two or more producers attempt to sell the same, or similar, goods and services in the same market | Competition |
| Explain how supply and demand interact to determine price. | If demand is higher than supply, prices go up; if supply is higher than demand, prices go down. |
| Explain how competition helps determine price. | Producers or sellers may set prices lower than the competition to get more sales. |
| In production, the goods and services produced are called | output |
| The natural resources, human resources, and capital goods required to produce a particular good or service are known as | productive resources |
| If demand increases, what happens to outputs and productive resources | increases |
| If supply decreases, what happens to outputs and productive resources | decreases |
Created by:
ademich