Economics Vocabulary and Concepts-CE 11&12ab

factors of production that are used to produce goods and services

resources, good/services, and money flow among houses, businesses, and the government

Noah wants a car.  What do you call the amount of money he will have to spend?

Most economies today are what kind of economies?

capital resource that Kayne West will need when he opens up his paper football gameroom?

Government runs the show.

What does the interaction between supply and demand decide?

Everyone who passes their SOL test will receive $100, a pat on the back and chocolate.

In a mixed economy, gov't involvement is greater that free market and less than in a command.

Economic decisions are based on customs and historical precedent

A Tractor for a business is what type of resource?

There is a complete lack of consumer choice in this economy.

Fortress Maximus Spoilsport wants to know how much that Ferrari costs.

100% of my class not only wants to see Drake but will see him when he comes to town

All of the following are characteristics of a market economy except:

Aaliyah, Ivy, and Jillian opened up a beauty salon.

Characteristic of US economy

Max will be unable to purchase everything on his wishlist because he can't afford it?

There is VERY little government involvement in this economy.

rivalry between producers and sellers of a good or service

Darrick took the risk and opened up a clothing store.

I plan on eating an entire container of Ben and Jerry's ice cream tonight by myself.

Lina has to select whether she wants to go to college or work.

Government is owner/decision maker for public sector. Individuals are for the private sector.

The US is a command economy.

amount of goods and services consumers are willing and able to buy

Wyatt buys spongebob squarepants pjs instead of a Drake CD. What represents the CD?

process of hiring employees, buying equipment, etc in order to start my business

Optimus Prime has a high supply of lemonade at his stand and demand is low, the price will