Unit 1 (Econ)

A person who purchases goods or services

When money loses value over time

If the supply goes down and the demand goes up, where does the price go?

Making or intended to make a profit

When nations rely on each other for goods and services they cannot produce themselves

What is opportunity cost?

Human wants exceed the amount of available resources.

If the supply goes up and the demand goes down, where does the price go?

The monetary value of something is...

A plan of how money will be spent and how much for a period of time

Something you would like to have

The ability to produce more units of a good than another producer, using the same amount of resources.

Something, usually money, that is owed or due

The worth people attribute to something

Which of the following is NOT a type of infrastructure?

Something that you must have to survive

The amount of a good or service that producers are willing and able to offer for sale

The income of a business by making sales

A mandatory financial charge that goes to governments revenue

A tax levied on certain products deemed to be unhealthy or excessive

The ability to produce a good or service at a lower opportunity cost

A good brought in from another country

Basic physical and organizational structures and facilities

What is a market?

An act or performance that brings value to the consumer

Market system that operates free of government control

Define capital

A good sent from your own country to another