Personal Finance Unit 1 Review

Tools, equipment, land, factories, and money used to produce goods.

Production is

Things we want to accomplish.

Your role which ears you income to buy the things you needs and wants.

The graph depicts the _______.

Which economy is represented by this picture?

Which economy is represented by this picture?

Your role in which you make buying decisions.

Standards we live by.

The price at which the quantity supplied exactly equals the quantity demanded of that product.

Raw materials provided by nature, oil, fish, water, trees

Leads to lower prices which allows the quantity demanded to equal the quantity supplied.

The items below are classified as ______.

Economic Systems are 

The graph depicts the _______.

The picture below depicts which of the following?

Third step in the decision making process.

The items below are classified as ______.

First step in the decision making process.

Economies Answer what 4 questions?

Economics is

Which economy is represented by this picture?

Resources are 

Final step in the decision making process.

In a decision, the value of what is given up when you make a choice or the next best thing.

The graph depicts the _______.

Tangible things you can see and touch are known as _____.

Producers are willing to offer more of a product for sale at a higher than lower price.

Your role which includes you paying taxes and exercising your right to vote.

Labor, entrepreneurs, workers, teachers, doctors, and carpenters.

Which economy is represented by this picture?

Second step in the decision making process.

Fourth step in the decision making process.

Consumers will demand more of a product at a lower price than at a high price is known as ____.