Economics

The United States of America's form of economics.

Vocab A person or business who buys a good or service

Vocab The loss of the next-best option when choosing to do one thing or another

Vocab A system of economics when the government makes the decisions

Vocab Things people would like to have

Vocab A system when people & business own everything and make decisions based on price

Vocab A person or business who provides a good or service

Which is not a type of resource?

Vocab A situation in which supply is greater than demand

Vocab The money people get from selling a good or service

Vocab The amount of a good or service that consumers are willing and able to buy at a set price

Which is not a reason that companies outsource their labor?

The video yesterday showed how American companies "outsource labor" to which country?

Vocab Anything that can be used to make goods or services

Vocab Not having enough resources to satisfy all one's needs and wants

Vocab The sum of all fixed and variable costs

Amount, willingness to buy, ability to buy and price are four parts that make up __________

Another name for a market economy is...

Vocab A situation in which demand is greater than supply