Exploring Economics

In our world there are limited resources, but humans have unlimited wants. What does this cause?

What are examples of POSITIVE incentives?

Consumer Product Safety (CPSC) & Military are two examples of how the government provides safety and security.

The pattern in which goods, services, and resources flow in the marketplace is called what?

When supply is high and demand is low, the price is lower.

What are examples of NEGATIVE incentives?

Global competition can affect jobs, the price of goods, and the quality of goods. People want the lowest price.

National Parks & Social Security are two ways the government promotes the common good.

Computers and technology continue to take the place of humans in the work place. What could be a result of this?

What is it called when the production of goods or services are broken down into different steps?

Some questions an economist may ask are- What is produced? How will it be produced? Who is producing it?

When supply is low and demand is high, the price is higher.

What is it called when someone works at a specific job that they like or are skilled at?

The Court System and FBI are two examples of the government protecting our individual rights.

A business makes a _________ when it makes more money than it takes to run the business.

When different sellers produce the same item, they are in ____________.

Economists ask what question?

Rewards or penalties used to encourage people to behave in certain ways are called:

What is an example of two businesses that may be in direct competition with one another?

What type of economy do we have in the United States?