Module 5 Lessons 1 and 2 Economics

economy based on private ownership, free trade and competition

value of a thing given up when a choice is made

The United States is an example of a developing country

Products that people buy such as clothes, furniture and toothpaste

businesses that make finished products from raw materials

government controls the economy is what type of economy

basic economic resources needed to produce goods and services

Many countries in Africa are developing countries

The type of industry where business provides services rather than goods

having a person cut your lawn is an example of a service

What are three economic incentives?

Which of the following is NOT an example of services?

business that sells direct to consumer

What two factors determine the price of a good or service?

people's work is based on long-established customs is what type of economy

Literacy, Life expectancy, and overall level of industrialization are some indicators of a country's wealth

What will be produced, How will it be produced and for whom will it be produced = questions for making goods & services

combination of traditional, market and command is what kind of ecomony

businesses that sell to other businesses

businesses that grow crops and raise livestock

Which of the following is an indicator that a country is developed

What is the defintion of GDP

money an individual or business has left after paying expenses

Financial and Labor are two kinds of capital

benefit that can happen when a factor of production is increased

problem that can occur when a factor of production is in short supply

problem of having unlimited human wants in a world of limited resources

system in which one nation depends on another to provide goods and services it does not produce

Scarcity of resources can lead to trade between nations and to ___________________________

system of producing, selling and buying goods and services

GDP stands for

Buying a frozen custard at Bob Jo's is an example of a good