Topic 1 Lesson 6 - Economics Basics

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

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

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

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

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

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

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

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

Which of the following would be a factor of production?

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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?

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

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