Unit 5: Economics Part 1

High demand for a scarce product would result in what?

No private ownership, total government control

What is another name for a business owner?

A capitalist economy with government regulationis called what?

Why do people have credit card debt?

Scarcity causes prices of products to do what?

What do entrepreneurs create? 

A certificate issued by the government that acts as a loan (a type of investment).

Which economic system would use bartering?

Another term for Market or Free EnterpriseEconomy.

Factor of Production: resources such as money,machinery, or technology.

Laissez faire economics, invisible hand, private ownership, Adam Smith.

A limited amount of resources is called what?

Economic system based on customs.

What would be a result of a product if a business spent more on training workers? 

Another term for division of labor.

What would be a positive result of more robotics in industry (business)?

All resources used in making aproduct: land, labor, capital, entrepreneurship goes by what?

What is not a benefit of automation?

How is division of labor (specialization) beneficial?

Business with many owners (stockholders).

Economic system controlled by the government.

What is an advantage to competition?

In a mixed economy the government has the power to...

Exchange of one thing for another is calledwhat?

The amount available is the definition of what word?

A business organization composed of members(Ex: credit union)

What you give up in making an economicdecision.

What does private ownership mean? 

What measures the daily average of stockmarket?