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| Any object that is generally accepted to pay debt for goods and services in a society is called? |
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| Bank notes, dollars, pesos, are all examples of… |
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| Exchange involving goods and services of currency is called? |
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| In what type of economy is production based on market demands among customers? People are free to buy and sell land, resources, and there are many forms of personal property? |
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| In what type of economy does the community produce goods based on its traditional needs, like food, clothes, basic items. They don't use money. |
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| In what type of economy is all land and resources owned by the government and the government decides what to produce? |
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| What country is an example of a traditional economy? |
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| What country is an example of a market economy? |
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| What country is an example of a command economy? |
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| When looking at economics it all comes down to 3 basic questions….Society must decide ________ to produce with its limited resources, society must decide _______________ to produce, society must decide ______________ to produce. |
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Definition
1) What to produce
2) How to produce it
3) Who to produce it for |
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Term
| Macro-economics is the study of how ______________ makes decisions |
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Definition
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| Micro-economics is the study of how _______________ makes decisions |
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Term
| What happened to your monthly income after you took taxes out? |
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Definition
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Term
| What are some examples of wants: |
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Definition
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| What are some examples of needs: |
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Definition
| Food, water, place to live |
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| Scarcity is the problem of having |
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Definition
| When there is not enough of something (wants or needs are bigger than production) |
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| You cannot have more of anything you want without having |
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Definition
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Term
| Not only do you have to make a choice because of scarcity but the cost of making that choice means you give up the chance of getting something else. This is called ______________________________. |
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| Why might opportunity costs of the same decision differ from person to person. |
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| We all have different wants and needs. |
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Definition
| The study of how we make decisions in a world where resources are limited |
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Definition
| Examples of market economy |
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Definition
| Examples of market economy |
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