14 questions
Which of the following are true about an economy.
*Name two answers*
in the United States we have a free-market economy- we can freely buy and trade goods and services
It is the way that our government is divided into three separate branches
in a healthy economy the demand for goods and services is low
an economy is the way a country manages its money and resources to produce, buy, and sell goods and services
What does the term "supply" mean?
the workforce
the total amount of goods or services available for customers to buy
money collected by the state and local government
What does the term "demand" mean?
the money citizens pay the government based on their income
materials from nature used to produce goods and services
the total amount of goods and services that customers will buy at a certain price
When the supply is LOW and the demand is HIGH, the price will go..
Up
Down
When the supply is HIGH and the demand is LOW, the price will go...
Up
Down
the people involved in the production of goods and services
Human Resource
Natural Resource
Capital Resource
materials from nature that are used to produce goods and services
Human Resource
Natural Resource
Capital Resource
the "workforce"
Human Resource
Natural Resource
Capital Resource
goods that are used to make other goods and services
Human Resource
Natural Resource
Capital Resource
tools. equipment, machinery, buildings
Human Resource
Natural Resource
Capital Resource
forest, land, water, minerals
Human Resource
Natural Resource
Capital Resource
Label each picture as a public good or private good
Public Good
Private Good
Label each picture as a public good or private good
Public Good
Private Good
Label each picture as a public good or private good
Public Good
Private Good