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