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Chapter 2/ Lesson 2

QuestionAnswer
Why is technology an important resource? Technology can make it easier and cheaper to create goods.
In a free market, how do the forces of supply and demand balance each other over time? The buyer and seller will agree on a price and amount that satisfies both.
Cuba has which type of economy? Command economy.
The United States has what type of economy? Market Economy .
What happens when people barter? Goods and services are traded for other goods and services.
What is the goal of free trade? A world market where people are allowed to choose what to buy and sell.
Scarcity- The lack of a resource.
Supply - The amount of a good or service that a producer wants to sell.
Demand - The amount of something a consumer wants to buy .
Capital - Money and goods used to help people make or do things .
Entrepreneurship - Running a business and taking on the risks of that business.
A producer wants to ____. Supply goods while charging the highest price.
When a good is scarce, it means that ______ It is hard to find and likely to cost more.
What you give up when you choose one thing over another is called _____ Opportunity cost.
What you give up when you choose one thing over another is called ______. Opportunity cost.
In which of the following economic systems do individuals make all the choices about what to make, buy, and sell? Market economy.
In which type of economic system do people choose what goods to make based on custom? Traditional economy.
When inflation happens, ______. The prices of goods go up.
During a period of recession, ______. The economy slows or shrinks.
Which type of good would you most want to export? Something you can make cheaply and sell elsewhere at a high price.
Which of the following is a sign of globalization? An increase in free trade between countries.
Created by: Sg031784
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