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Economics I
Understand economies, markets and the role of economic factors
| Question | Answer |
|---|---|
| The study of how people seek to satisfy their needs and wants by making choices with limited resources. | Economics |
| Limited amounts of resources to meet unlimited wants. | Scarcity |
| People working to produce goods and services | Human Resources |
| The tools, equipment, and buildings that are used to produce goods and services | Capital Resources |
| Raw materials supplied by nature that come from the earth, the water, or the air and are used to produce goods | Natural Resources |
| An system in which production is based on customs and traditions and economic roles are typically passed down from one generation to the next. | Traditional Economy |
| A system in which the central government makes all economic decisions. | Command Economy |
| A system in which private enterprise exists in combination with a considerable amount of government regulation and promotion. | Mixed Economy |
| A system in which decisions on production and consumption of goods and services are based on voluntary exchange in markets. | Market Economy |
| An economic system in which individuals and businesses are allowed to compete for profit with a minimum of government interference. | Free Enterprise |
| A model that shows the process of exchange among consumers (also called households), businesses and government. | Circular Flow |
| A business relation in which two parties compete to gain customers. | Competition |
| The amount of a product that would be offered for sale at all possible prices that could prevail in the market. | Supply |
| The amount of goods and services people are willing to buy. | Demand |
| Exclusive control of a commodity or service in a particular market, or a control that makes possible the manipulation of prices. | Monopoly |
| The domination of a market by a few producers. | Oligolopy |
| A market structure in which many firms sell products that are similar but not identical. | Monopolistic Competition |
| Money earned for doing work. | Wages |
| The process of creating goods and services. | Production |
| The act of someone having a job. | Employment |
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sweitzern2
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