Term
| Name the full political spectrum in order from the most liberal views, to the most conservative. |
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Definition
| Radical, Liberal, Moderate, Conservative, Reactionary |
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Term
| What are the four most important economic questions you need to ask yourself? |
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Definition
1. What are you going to produce?
2. How much are you producing?
3. What are your resources?
4. Who is it for? |
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Term
| What are the three different basic economic systems? |
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Definition
| The Tradition system, the command system, and the modified market system |
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Term
| Describe the tradition system; |
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Definition
| In the tradition system, people follow their parent's footsteps, elders have the most power, and the Custom answers the four economic questions |
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Term
| Describe the Command System; |
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Definition
| In the Command System, a government or central group answers the four economic questions, there is little freedom, and the workers are punished or rewarded by government or central group in charge. |
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Term
| Describe the Modified Market System; |
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Definition
| In a Modified Market System, buyers and sellers answer the four economic questions, there is a lot of freedom, and there is a lot of competition. |
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Term
| What is the Law of Supply? |
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Definition
| As the price goes up, supply goes up |
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Term
| What is the Law of Demand? |
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Definition
| As the price goes down, demand goes up |
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Term
| What is market price, and what is it determined by? |
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Definition
| Market price is the $ needed to buy items from the market, which changes daily. It is determined by equilibrium. |
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Term
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Definition
| The study of how people choose to allocate resources to satisfy their wants and needs |
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Term
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Definition
| the degree of availability of resources |
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Term
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Definition
| The usefulness of that item (who wants to buy it) |
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Term
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Definition
| things necessary for survival |
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Term
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Definition
| things you need for emotional well being |
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Term
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Definition
| things that enrich your life |
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Term
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Definition
| Any means available that can be used to satisfy wants and needs |
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Term
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Definition
| Anything of economic value found in nature |
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Term
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Definition
| All human effort used to produce goods or services |
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Term
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Definition
| Money or goods from which you make money |
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Term
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Definition
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Term
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Definition
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Term
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Definition
| When the supply of goods is smaller then the demand |
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Term
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Definition
| Something you give up in order to get something else |
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Term
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Definition
| Trading one product for another |
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Term
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Definition
| supply in excess of what is needed |
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Term
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Definition
| a buyer, onoe who uses goods and services |
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Term
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Definition
| a seller of manufacturer of goods |
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