Module 5 Economics Lessons 1 and 2

business that sells direct to consumer

Scarcity of resources can lead to trade between nations and to ___________________________

Which of the following is an indicator that a country is developed

Financial and Labor are two kinds of capital

businesses that sell to other businesses

Many countries in Africa are developing countries

The United States is an example of a developing country

What are three economic incentives?

combination of traditional, market and command is what kind of ecomony

problem of having unlimited human wants in a world of limited resources

system of producing, selling and buying goods and services

Buying a frozen custard at Bob Jo's is an example of a good

economy based on private ownership, free trade and competition

businesses that grow crops and raise livestock

Literacy, Life expectancy, and overall level of industrialization are some indicators of a country's wealth

having a person cut your lawn is an example of a service

people's work is based on long-established customs is what type of economy

Products that people buy such as clothes, furniture and toothpaste

What will be produced, How will it be produced and for whom will it be produced = questions for making goods & services

Which of the following is NOT an example of services?

What two factors determine the price of a good or service?

problem that can occur when a factor of production is in short supply

money an individual or business has left after paying expenses

The type of industry where business provides services rather than goods

GDP stands for

value of a thing given up when a choice is made

What is the defintion of GDP

system in which one nation depends on another to provide goods and services it does not produce

benefit that can happen when a factor of production is increased

basic economic resources needed to produce goods and services

government controls the economy is what type of economy

businesses that make finished products from raw materials