Economic Quiz – Flashcards
Unlock all answers in this set
Unlock answersquestion
The study of the choices that people make to satisfy their needs and wants
answer
Economics
question
Make things or provide services that satisfy people's needs and wants
answer
Producers
question
People who decide to buy things and services
answer
Consumers
question
Resources used to create a product
answer
Capital
question
Starting a new business or introducing a new product
answer
Entrepreneurship
question
Use of an item before completing payment for that item (cars)
answer
Credit
question
1. What to produce 2. How to produce it 3. For whom to produce
answer
3 economic questions
question
Based on customs, provide own goods and services (barter)
answer
Traditional
question
Government officials answer the questions and individuals have little or no say
answer
Command
question
Individuals answer the three questions
answer
Market
question
Combines elements of traditional, market and mixed
answer
Mixed
question
The government owns and controls key industries such as electric transportation, everything else is privately owned and operated
answer
Socialism
question
The government owns and controls all means of production; the government answers to three questions
answer
Communism
question
Individuals answer three questions, government regulation, not ownership
answer
Capitalism
question
The amount of goods that a consumer is willing and able to buy
answer
Demand
question
The amount of goods and services a person is willing to offer at various prices in a given time
answer
Supply
question
Money
answer
Currency
question
U.S capitalism China socialism Government control N.Korea communism
answer
Economic spectrum words
