Topic 1 Lesson 6 - Economics Basics

What term describes the money a business has left after subtracting its costs from the money it has received from sales?

True or False? Supply is the ability and willingness to produce a good or service.

In which type of industry would a farmer be part of?

Capitalism is the term that is usually applied to which economic system?

A market economy is typically based on the societal values or principles of freedom, competition, and greed.

A plan that shows income and expenses over a period of time (whats coming in, whats going out)

Scarcity is having a limited amount of resources to meet unlimited wants. In what way is scarcity created?

An arrangement in which a buyer can borrow money to purchase something and pay for it later.

Throughout history, people have engaged in the trading of goods and services for other goods and services. What is this?

In which type of industry would you find companies that make cars, televisions, or cell phones?

In which type of industry would you find stores like Verizon, Walmart, or Best Buy?

The price consumers pay as a result of using someone else's money (like a bank or credit card)

In which type of economy does the government typically make all of the economic choices for its citizens?

In a command economy, people usually do not enjoy a high standard of living.

Which of the following countries was listed as an example of having a mixed economy that is closer to a market economy?

True or False? Demand is the desire for a certain good or service.

Which term involves making a choice about what must be given up in order to spend your money or time on something?

Which of the following countries was listed as an example of having a mixed economy that is closer to a command economy?

Which of the following would be a factor of production?

Which of the following terms from Lesson 6 is the study of how people meet their wants and needs?

What term describes the battle that producers engage in to gain consumers' money? (one company may lower their price)

The act of setting money aside for the future (the opposite of money burning a hole in your pocket)

Which of the following best identifies how the 3 basic economic questions are answered in the United States?

Interactive Gallery Question: What describes the economic performance of the more centrally planned economies?

Modern governments issue money in the form of __________? This can be cash, coins, or electronic units.

What is described as an organized social institution that allows producers and consumers to trade goods and services?

The money that people receive from the work they do or the money they save or invest.