What is Economics

Select the advantages that happen when people are free to use their resources in ways they think are best.

If a popular singer adds a concert date to a tour, they have increased the supply of tickets available.

Market Economy - Combination of market forces with government involvement.

The vision risk taking & creativity that drive innovation & create new goods & services are crucial for economic growth.

A consumer is a person or business who provides a service or a good, like an ice cream cone.

Scarcity- not having enough resources to produce all the things we would like to have is what kind of problem?

Resources- Items that people can use to make or obtain what they need or want

In Elastic Demand- Consumers les responsive to price changes & demand remains relatively stable even when prices higher

Consumer -The process of choosing which want, among several wants being considered will be satisfied.

Which of the following are needed to make products or perform services that people need and want?

The Four Factors of Production are, Market, Mixed, Command and Traditional Economy.

Trade off- The Highest value of the thing you did not choose to do with your available time.

Which type of economic system is it when the government orders business what type of products to make?

People’s knowledge and skills used to create products.

The decision to stop manufacturing products is often because there is a decreasing _______ for them.

When a small business can make a product easily, it is more efficient to make one type of product than many types.

An example of a service is getting your teeth cleaned at the Dentist’s office. (True or False)