6th grade econ Word Scramble
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Question | Answer |
economics | the study of how goods and services get produced and distributed |
law of demand | the higher the demand the higher the price |
law of supply | the lower the supply the higher the price |
Allocation method | how foods and services are spread throughout society |
Central planning | government decides who gets and how much |
Free market | supply and demand in the public marketplace determine prices and availability |
Entrepreneur | person who organizes operates and assumes the risk for a business venture |
Scarcity | exists because human wants are insatiable (not able to be fulfilled) and resources are limited |
Capitalism | economic system in which ownership and production of goods and services is controlled by private individuals |
Socialism | mixed economy government provides for necessities of life private enterprise provides non essential goods and services |
Communism | Government is the economic system |
Capital | refers to factories equipment and property that can be used to produce wealth |
Competition | exists when there is more than one seller of a product |
Corporation | business organization formed and owned by a number of people (share holders) |
Income | money goods or services earned by the labor or by the use of other resources |
Inflation | continual increase in prices throughout a nations economy |
Investment | use of money to provide income or profit |
Monopoly | exists when there is only one seller of a product |
Profit | earnings of a business over and above all costs |
Created by:
Brenton
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