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Stack #4529780

QuestionAnswer
What is Economics? The methods used by a society to produce and distribute goods and service.
Goods: physical objects (shoes)
Service: actions (cleaning)
What is the difference between wants and needs? List some of each.
Wants: not necessary (vacation, gaming)
Needs: (shelter, water)
What is Scarcity? Why do we have scarcity? What are the 3 causes of scarcity? What are the 3 solutions to scarcity (the 3 basic economic questions)?
Limited amount of resources. Have many choices and what, how, whom to produce it. More resources.
What is a traditional economy?
By habits and customs, the way it always been done.
What is a command economy?
The government answers the basic economic questions.
What is a market economy?
Individual buyers/sellers.
What is a mixed economy?
Mostly free market economy. It does have elements of command.
What kind of economy is the United States’ economy?
Free Market & Mixed.
Give an example of the U.S. as a market economy.
Individuals have right to choose.
Give an example of the U.S. as a command economy.
Government regulation of wages.
How is competition beneficial (good) to consumers (us)?
More producer of goods/services.
What are trade offs?
When you choose between two possible uses for a resource.
What are opportunity costs?
The value of time, money, goods, and service given up in an economic choice.
List a trade off and opportunity cost you have dealt with recently.
A trade off I dealt with recently was choosing between studying for my test or hanging out with my friends. The opportunity cost was the time with my friends that I gave up in order to study.
What are Human Resources? Give an example.
Person with knowledge (doctors etc.), skilled workers.
What are Natural Resources? Give an example.
Raw material (wood, land, oil).
What are Capital Resources? Give an example.
Money and property used to produce goods and service (tools, building machines).
Created by: user-1986335
 

 



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