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economics-genoa6
| Question | Answer |
|---|---|
| how much of an item there is | supply |
| how many people want to buy something | demand |
| when there isn't enough of something to go around | low supply |
| when lots of people want to buy the same thing | high demand |
| study of how people decide to use resources to meet their needs by making, distributing, and using goods and services | economics |
| things or objects that people make or grow and use | goods |
| jobs or activities that people do to help other people | services |
| jobs that do not make things but work to help other people | service jobs |
| the way that goods and services are made by using the productive resources | production |
| natural resources, human resources, and capital goods | productive resources |
| resources provided by nature; used to create goods and services | natural resources |
| include all the human labor (workers, employees) that is required to produce something | human resources |
| goods that are made not to consume but to make other goods and services | capital resources |
| money left after all expenses are paid | profit |
| people who bring together and organize all the productive resources | entrepreneur |
| what you give up by choosing one good, service, or item over another | trade off |
| examples of ____: water, minerals, lumber, air, iron ore | natural resources |
| example of ____: all the planning, studying, training and work required to produce the good/service | human resources |
| examples of ____: machines & tools | capital resources |
| another name for "capital resources" | goods |
| examples: a person who comes up with a new idea and takes a risk to produce it and/or an owner of a business who risks their money to make a profit | entrepeneur |
| when all places do no have equal amounts of the same resources | unequal distribution of resources |
| concentrating on producing some goods and services | specialization |
| a country or region will make more specific type goods based on the ____ ____ it has available | productive resources |
| goods and services sold from one country to other countries | exports |
| goods from foreign countries brought into a country for use or sale | imports |
| depending on others for some needs | interdependence |
| some people/countries can make things better than others which is an example of ____ | specialization |
| owners and workers are called ____ | producers |
| thing that are made and sold are called ____ | products |
| people who buy and use products | consumers |
| making something (products) | production |
| selling, trading, or giving something away | distribution |
| using the product that was made | consumption |
| economic system that is managed by the state or govt. | planned economy |
| economic system that is managed by private individuals | market economy |
| economic system that is a mix of a planned and a market economy | mixed economy |
| another name for a "planned economy" | communism |
| another name for a "mixed economy" | socialism |
| another name for a "market/free economy" | capitalism |
Created by:
gilbertboys
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