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| consumption | using goods and services
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| scarcity | the inability to satisfy all wants at one time
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| resources | factors of production that are used to make goods and services
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| choice | selecting an item from a list of alternatives
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| opportunity cost | what is given up when you make a choice
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| price | amount of money exchanged for a good or service
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| incentive | things that motivate
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| supply | amount of goods and services available
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| demand | amount of goods and services consumers are willing and able to buy
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| production | combining 4 resources to make goods and services
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| the 4 types of resources | natural, human, capital, and entrepreneurship
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| what 2 factors determine price? | supply and demand
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| law of demand | as price goes up, demand goes down
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| law of supply | as price goes up, quantity supplied goes up
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| substitute | goods that can be exchanged for one another
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| compliment | goods that are used in conjunction with one another
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| 3 basic questions of economics | 1. what will be produced?
2. who will produce?
3. for whom will it be produced?
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| what are the 4 types of economies? | traditional, free-market, command, mixed
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| What are economic decisions based off of in traditional economies? | custom
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| How are jobs determined in traditional economies? | what their parents do
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| what is an example of traditional economy? | India
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| How are property and resources owned in free-market economies? | privately
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| what are 3 big things in free-market economies? | profit motive, competition, and individual choice
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| how much is the government involved in free-market economies? | minimally
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| what is an example of a free-market economy? | Hong Kong, China
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| How is property owned in command economies? | centrally by the government
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| what is an example of a command economy? | North Korea and Cuba
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| What are the 3 types of business organizations? | sole proprietorship, partnership, and corporations
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| what is a sole proprietorship? | a small business owned by one person
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| what are the strengths of a sole proprietorship? | their own bosses, decide details, keep all profits
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| what are the weaknesses of a sole proprietorship? | must supply all money, pay taxes, must face losses if it fails
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| what is a local example of a sole proprietorship? | For the Love of Chocolate
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| what is a partnership? | a business in which 2 or more people share all costs and responsibilities
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| what are the strengths of a partnership? | more money sources, greater chance of success, share responsibilities
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| what are the weaknesses of a partnership? | disagree on the way things are done, share profits and credit
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| what is a local example of a partnership? | Allen, Allen, Allen, and Allen
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| what is a corporation? | a permanent organization which ends when their owners die
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| who is a corporation owned by? | stockholders
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| What are the strengths of a corporation? | assets are sold if it fails, liable for only your part
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| what are the weaknesses of a corporation? | lots of rules and regulations, very little voice
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| what is a local example of a corporation? | Kroger
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| What is an entrepreneur | a risk taker who starts their own business to make a profit and bring factors of production together
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| In the product market, the household pays _____ in return for _____ from the government. | taxes, services
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| In the product market, the business provides ________ in return for _____from the household. | products and services, monetary payments
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| In the product market, the business provides ________ in return for _____ from the government. | products and services, monetary payments
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| In the resource market, the household provides ________ in return for _____ from the government. | labor, monetary payments
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| In the resource market, the household provides ______ in return for _____ from the business. | labor, monetary payments
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| In the resource market, the business pays _____ in return for ______ from the government. | taxes, services
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| What are the 5 roles the US government plays in our economy? | 1. Maintain legal and social framework
2. provide public goods and services
3. maintain competition
4. redistribute income
5. stabilize the economy
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| What does the government do in maintaining legal and social framework? | laws, courts, monetary system, and maintain security
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| what is the difference in public and private goods? | public - many people use at a time (taxes)
private - 1 person at a time (you want, you pay)
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| What is a characteristic of maintaining competition/ | have anti-trust acts - eliminate monopolies
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| How does the government redistribute income? | taxes - through welfare, social security, Medicare, Medicade
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| How does the government stabilize the economy? | reduce unemployment, control inflation, promote economic growth
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