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Chapter 2 Lesson 2 Exploring Economics Flashcards | StudBud

Explore/Chapter 2 Lesson 2 Exploring Economics

Chapter 2 Lesson 2 Exploring Economics

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Questions 10

Answers

1
money and goods used to help people make or do things
scarcity
demand
capital
supply
2
the amount of a good or service that a producer wants to sell
supply
capital
demand
scarcity
3
What is the goal of free trade?
world market where people limited to choose what buy & sell
world market where people allowed to choose what buy & sell
world market where people struggle to choose what buy & sell
world market where people raise taxes on what buy & sell
4
the amount of something that a consumer wants to buy
supply
demand
scarcity
capital
5
What happens when people barter?
goods and services are traded for other goods and services
goods and services are limited during conflict
goods are shipped out of a country and sold somewhere else
goods and services are bought from other countries
6
Cuba has which type of economy?
command economy
mixed economy
traditional economy
market economy
7
running a business and taking on the risks of that business
capital
entrepreneurship
supply
demand
8
the lack of a resource
supply
demand
capital
scarcity
9
Why is technology an important resource?
technology can make prices higher
technology can make the economy grow more slowly
technology can make easier to find the right gov't policies
technology can make it easier & cheaper to create goods
10
In a free market, how do the forces of supply & demand balance each other over time?
seller will want to make more goods over time
buyer & seller will agree on a price/ amount satisfies both.
seller & buyer will find resources to provide a service
buyer will want to buy less over time