25 questions
the study of how a society chooses to use its scarce resources to produce goods and services
economics
choice
market
profit
objects that can satisfy people's wants
goods
services
demand
supply
actions that can satisfy people's wants
services
goods
supply
demand
the condition of not being able to have everything we want
scarcity
choice
demand
market
quantity of goods available in the marketplace at any given time and at a given amount
supply
demand
market
price
amount of a good that buyers will buy at a specific time and at a specific price
demand
supply
choice
profit
a decision; the act of deciding
choice
opportunity cost
market
price
value of the best alternative given up
opportunity cost
scarcity
demand
barter
people generally repeat the decisions made at an earlier time by an earlier generation
traditional economy
command economy
market economy
mixed economy
allocations result from individuals making decisions as buyers and sellers
market economy
traditional economy
command economy
mixed economy
allocation of resources are determined by a central authority
command economy
market economy
traditional economy
mixed economy
when production of a good is broken down into numerous tasks
division of labor
specialization
import
export
when people concentrate their production of fewer kinds of goods and services than they consume
specialization
division of labor
barter
price
exists whenever buyers and sellers exchange goods and services
market
barter
price
profit
direct trading of goods and services between people
barter
market
price
import
what people pay when they buy a good or service and what they receive when they sell a good or service
price
barter
profit
export
return to a business enterprise that results when the value of sales exceeds the cost of the goods or services sold
profit
cost
market
supply
foreign goods and services purchased from sellers in other countries
import
export
supply
demand
domestic goods and services sold to buyers in other nations
export
import
goods
demands
used to make goods and services
productive resources
specialization
market
imports
"gifts of nature", present without human intervention
natural resources
human resources
capital goods
supply
quantity and quality of human effort directed toward producing goods and services
human resources
natural resources
capital goods
specialization
goods produced and used to make other goods and services
capital goods
human resources
natural resources
profit
anything acceptable when used in exchange for goods and services
money
supply
barter
price
system of combining characteristics of more than one type of economy
mixed economy
market economy
command economy
traditional economy