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CE 11

CE.11 – ECONOMIC FOUNDATIONS

QuestionAnswer
WHY DO PEOPLE HAVE TO MAKE ECONOMIC CHOICES? Because resources are limited (scarcity).
WHAT IS SCARCITY? The condition that exists when unlimited wants exceed limited resources.
WHAT ARE THE FOUR TYPES OF ECONOMIC RESOURCES? Natural resources; Human resources; Capital resources; Entrepreneurship
WHAT ARE NATURAL RESOURCES? Resources found in nature (land, water, minerals, forests).
WHAT ARE HUMAN RESOURCES? People’s labor, skills, and knowledge
WHAT ARE CAPITAL RESOURCES? Tools, machines, buildings used to produce goods and services.
WHAT IS ENTREPRENEURSHIP? The ability to combine resources to produce goods and services and take risks.
WHAT IS OPPORTUNITY COST? The value of the next best alternative given up when a choice is made.
WHAT IS PRODUCTION? The act of making goods or providing services.
WHAT IS CONSUMPTION? The using of goods and services.
WHAT DETERMINES WHAT IS PRODUCED IN A MARKET ECONOMY? Consumer preferences and availability of resources.
WHAT IS DEMAND? The amount of a good or service consumers are willing and able to buy at various prices.
WHAT IS SUPPLY? The amount of a good or service producers are willing and able to sell at various prices.
WHAT DETERMINES PRICE IN A MARKET ECONOMY? The interaction of supply and demand.
WHAT ARE INCENTIVES? Factors that motivate people to change behavior
WHAT ARE THE FOUR MAJOR TYPES OF ECONOMIC SYSTEMS? Traditional; Free Market; Command; Mixed.
WHAT CHARACTERIZES A TRADITIONAL ECONOMY? Decisions are based on custom and tradition.
WHAT CHARACTERIZES A FREE MARKET ECONOMY? Private ownership, competition, profit motive, consumer choice.
WHAT CHARACTERIZES A COMMAND ECONOMY? Government owns resources and makes economic decisions.
WHAT CHARACTERIZES A MIXED ECONOMY? Combines private ownership with some government regulation.
WHAT TYPE OF ECONOMIC SYSTEM DOES THE UNITED STATES HAVE? A mixed economy
Created by: Lisa K Ball
 

 



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