Corbin Middle School - 6th Grade Economics

Which economic system is being described...  (The United States is an example of this economy.)

The study of the way money, goods, and services are made and used in society.

A business that has more expenses than income has a ___.

Goods made outside this country and shipped here to be sold are called ___.

A group of things that work together in an organized way

To trade by exchanging another good or service rather than by using money

In economics, the quantity of something on hand or available

The government's expenses are paid with ___.

To use something up

Giving everyone a different job is called ___.

Person who operates a business, taking on greater than normal financial risks in order to do so

A business that has more income than ___ has a profit.

Natural resources include...

A thing's ___ may make its price higher.

A person who uses a product or a service

method of production;particular job is finished before the product moves on to the next person.

If something is ___ it is ready to be used or bought.

A person who starts an enterprise to help solve social problems or effect social change.

To deliver products to various places

Which economic system is being described... (Before the Civil War, American South is an ex.)

Money that a gov't gets from taxes; money a person or business gets from selling goods/services

This refers to items which are nice to have but are not necessary for survival.

A specific good or service designed to meet specific wants and/or needs

The amount of interest in a good or service

An economic system where businesses seek to make a profit by selling goods or services

In economics,  ___ is one of three factors of production, the others being land and labor.

Which economic system is being described...(Ex. would be North Korea and Cuba)

The process of manufacturing or growing something

Which economic system?... (The key here is that there is little to no government involvement.)

This exists when the supply of something is greater than the demand.

The special skills a worker gains through education or training are called ___.

The most valuable alternative given up when an economic choice is made

A place where people buy and sell goods or services

Money that people & businesses must pay so that the gov't can provide services like police, etc

A bulldozer is a ___ resource.  These are goods produced to make other goods or services.

Not enough of a good or service to meet the demand

This refers to work done by professionals...lawyers, doctors, teachers, entertainers, etc.

The amount of money you make after deducting the cost of production

Things that are bought and sold

This refers to items that are necessary for survival.