Reading...
Play button
Play button
Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
16 Cards in this Set
- Front
- Back
|
Needs
|
goods or services that are required to live
|
|
|
wants
|
goods or services that are not necessary but that we desire to have
|
|
|
Goods
|
items or things. Examples: food, books, clothing, electronics, sports equiptment
|
|
|
Services
|
things we pay someone else to do for us. Examples: Doctors provide medical services; barbers cut our hair, landscapers cut our grass
|
|
|
Scarcity
|
goods and resources are scarce because there are not enough to satisfy everyone’s needs and wants
|
|
|
Supply
|
the quantity (amount) of goods that a supplier (a store or a business or a person) has available to sell
|
|
|
Demand
|
is how much people want a good; the amount of goods that the consumers want to buy.
|
|
|
Consumers
|
buyers of goods or services
|
|
|
When supply is high and demand is low (Example: There are lots of a certain toy available but not many people want to buy it), prices ______.
|
go down.
|
|
|
When supply is low and demand is high (Ex.: There are only a few of a certain toy available and many more people want to buy it), prices _____.
|
go up
|
|
|
Who makes economic decisions in a command economy?
|
the government
|
|
|
Who makes economic decisions in a market economy?
|
People decide- think of it as a FREE market in which people are free to make choices
|
|
|
How are economic decisions made in a traditional economy?
|
Decisions are made according to custom (however your grandfather did it, your father did it, and you'll do it).
|
|
|
Competition is when more than one business or store sells the same product. Is competition good for consumers (people who buy the product)?
|
Yes
|
|
|
Why is competition good for consumers?
|
- It gives consumers choices.
- It leads to lower prices. |
|
|
Of the three economic systems we've studied, which does the U.S. have?
|
market (also called free market or capitalism
|
