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Economics 8th Grade

Economics

QuestionAnswer
Usually when the price of an item goes down more people will buy it
part of the economy banks, businesses, families or households, city or town governments
taxes are used for: roads, public parks, and post offices
exchange purchasing something with money
bartering way to get something without using money
Human Resources skills and knowledge a worker has (ex. Teacher, doctor)
Capital Resource Money
Team work 11. When individuals rely on each other for a task, they depend on each other to complete the task
Consumer buy a good or service
Goods items made or produced
Market System U.S. most of the western world operate in this way. Called the free enterprise or capitalist system. People own property, operated businesses, and make key decisions about the 4 questions of economics. Government regulates to ensure fair business
Command System Communists government us it. Government officials rather than the people decide how to answer the 4 questions of economics
Traditional System Underdeveloped nations. The 4 questions are answered by custom or tradition. Jobs handed down father to son. Men and women have different kind of jobs.
Corporations businesses owned by shareholders who have purchased stock or shares of the business.
Surplus market prices fall, profits decrease, which forces some companies to lay off workers or go out of business.
Gross Domestic Product If it increases over time, then the economy is doing well. That means good wages, steady employment, and financial security for the average person.
Interest the money a consumer pays to a bank or lending agency on any debt they are carrying.
LA’s economy The Mississippi River, the Gulf of Mexico, and other waterways make the state an important center for trade. Has natural resources and minerals, including salt, oil, natural gas, sulphur, gypsum, and clay. Has fertile land making agriculture, foster, and
Created by: jrobb
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