Economics Vocabulary Review

Fundamental Economic Questions

A Sheetz is built right across the street from a Circle K.  This is an example of 

Resources that are not made by people, but are found in nature are called

The total amount of a product that is available for consumers to purchase

GDP is...

Getting something from another country is called 

The way that companies produce their goods is

Deciding what to buy with your allowance is a

A phone is a ___________ because it is made out of resources and materials.

Demand is

In order to make wise decisions with money and resources, it is important to have

A data set is...

Saudi Arabia concentrates in exporting oil to other countries.  This is something their

The Board of a company decides what to do with their extra revenue.  This is a

Not having enough of a product or resource for everyone

______ are present or future results of making a decision.

The United States gets fruit from Mexico.  This is an example of...

Employees are an example of

An oven for a bakery is an example of a 

The use of consumers or buyers of a product is

Giving something to another country is called

Birth rate, mortality rate, literacy rate and life expectancy are all examples of

GDP per capita is found by

Many people in the US play hockey, even though it is from Canada.  This is an example of