Economics Spring Final Review

Consumers will demand LESS when prices rise and MORE when prices fall.

This keeps costs of production low and quality of goods high.

When resources are being used efficiently to produce goods and services.

Government -set minimum price that can be charged for goods and services.

In Free Enterprise ______ is allowed to flourish (grow)

These are expenses that change.

Costs that are the same every time.

Work performed for someone else (hair cuts, butcher, plumber)

Which is NOT in Mrs. Threet's classroom

It's where you decide to do one thing rather than the other.

Products that are bought in place of each other.

How many years has Mrs. Threet been teaching at SWJH?

Things we would like to have, make life more comfortable.

Total value, in dollars of all the final goods and services during a single year.

Natural Resources are one of the factors of.......

Which is NOT a fruit?

This is to set aside,as for a specific purpose.

When you do NOT have enough resources.

What type of economic system does the U.S. have?

When a business, region or country thinks they can produce better than anyone else.

Products that are bought and used together. (hot dogs and hot dog buns)

Gifts of Nature like land, water,fish, animals, minerals

Tangible products that we use to satisfy our wants and needs ( CD's, backpacks)

This is the cost of the next best use of your time or money.

When do yall start back to school in August?

How many student desks are in Mrs. Threet's room?

How many colored ceiling tiles are in Mrs. Threet's room?

When we do NOT have enough resources it is called...........

An Economic system in which private citizens own and use the factors of production.

The study of how we make decisions and how things are made,bought and sold.

Manufactured goods used to make other goods and services.

Laissez-Faire is French for....

Entrepreneurs are willing to take.........

These are required for survival, like food, clothing ,shelter.

Government set maximum price that can be charged for goods and services

An individual who starts a new business.

Things used in making goods and providing services

Private property rights create an incentive because.........

Which room is Mrs. Bashaw's

Anyone who WORKS to produce goods and services