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chapter 2 lesson 2

TermDefinition
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
entrepreneurship The act of running a business and taking risks
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
opportunity cost What you give up when you choose one thing over another
which of the economic systems do individuals make all the choices about what to make, buy, and sell? market economy
which type of economic system do people choose what goods to make based on custom? traditional economy
inflation the prices of goods go up
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 is a sign of globalization? an increase in free trade between countries
Created by: la027939
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