CE.11-12 Economic Concepts

Workers are

I just bought a Slurpee. Where was the marketplace?

If demand goes up......price goes ........ also.

Selecting one item from several possible alternatives.

Wood, oil, water etc

What type of economy?? Total Government Control.

What type of economy?? Govt. role is greater than free market but less than command economy.

Movement of resources, goods, services and money between individuals, business and the govt.

Single owner business

The government taxes businesses and individuals to provide ___________ services.

Competition between producers......

What type of economy??

Own the resources used in production, sell the resources, and use income to purchase products.

Owned by many people by the stocks/shares they own.

Who provides goods and services to individuals and the government?

What type of economy?? Centrally (Government) planned economy.

What type of economy?? Lots of choices for the consumer.

What type of economy?? These are communist economies.

Takes all the profits, but takes all the risk.

The amount of a good that a producer is willing to make at a certain price.

NOT one of the three basic economic questions.

I go on vacation instead of buying a new roof for my house. Whats the new roof??

Price is determined by Supply and Demand.

US (Mixed) Economy: Government's influence in the economy is limited.

To use a product or service. Now it is gone!

In a Mixed and Free Market economy, what determines what will be produced?

Describe this photo.

To combine natural, human, capital and entreprenueral resources and actually make a product.

Interaction of supply and demand determines ________.

If supply goes up.....price goes ------

Sales, one one get one, special deals are......

What type of economy?? Competition keeps prices low, quality high and lots of variety.

US (Mixed) Economy: Only the Government owns resources and the means of production.

These people take risks in buisness

Money, factories, tools etc?

The lack of something. This forces us to make decisions about what to produce.

A place where buyers and sellers meet and exchange goods/services for money.

This acts as a single business no matter how many owners there are.

What remains after a buisness has paid all expenses.

What type of economy??  Government owns and controls resources for the public sector.

Your bike, house, car, cell phone

Owner's liability (risk) limited to how much they invest.

US (Mixed) Economy: People do not have the right to own Private Property.

Price goes up....demand goes .......

The lack of something. This forces us to make decisions about what to produce.

Competition between producers......

Who buys resources to produce more products to sell?

The idea that what the consumer demands drives many economies is known as.......

What type of economy?? People's roles are determined by traditions and precedent.

The amount of a good or service that consumers are willing to buy at a certain price.