Economics 6th grade basics

resource that cannot be replaced

Economist are mostly interested in money

the total value of all goods and services produced in a country

Canada and most Western European countries have market economies

the choice that you give up in order to do something else

made when the money a company makes with its sales is greater than its expenses

What is one of the most important principles of Economics

Which country has one of the freest markets in the world

means that there is never enough of everything to satisfy everyone completely

Another name for a market economy

The buyers desire for a product at a particular time.

Every choice you make comes at a cost

A bulldozer is a ______ resource. These are goods produced to make other goods or services.

Goods made outside this country and shipped here are called...

people who purchase and use goods and services

Name a factor that affected your demand in Lemonade Stand.

quantity of goods and services consumers are willing to buy at a specific price & specific time

Goods are...

The process of turning a raw material into a product is...

A _____ economic system is where the government determines what goods should be produced & how much they should cost.