CE.11-12 Economic Concepts

Wood, oil, water etc

What type of economy??

Movement of resources, goods, services and money between individuals, business and the govt.

Competition between producers......

Owner's liability (risk) limited to how much they invest.

If supply goes up.....price goes ------

A place where buyers and sellers meet and exchange goods/services for money.

US (Mixed) Economy: Government's influence in the economy is limited.

US (Mixed) Economy: People do not have the right to own Private Property.

Sales, one one get one, special deals are......

US (Mixed) Economy: Only the Government owns resources and the means of production.

What type of economy?? Competition keeps prices low, quality high and lots of variety.

Takes all the profits, but takes all the risk.

These people take risks in buisness

What type of economy?? People's roles are determined by traditions and precedent.

Who buys resources to produce more products to sell?

Money, factories, tools etc?

The amount of a good that a producer is willing to make at a certain price.

Price goes up....demand goes .......

I just bought a Slurpee. Where was the marketplace?

Interaction of supply and demand determines ________.

The lack of something. This forces us to make decisions about what to produce.

I go on vacation instead of buying a new roof for my house. Whats the new roof??

Your bike, house, car, cell phone

To combine natural, human, capital and entreprenueral resources and actually make a product.

Owned by many people by the stocks/shares they own.

To use a product or service. Now it is gone!

Own the resources used in production, sell the resources, and use income to purchase products.

What type of economy?? Lots of choices for the consumer.

What type of economy?? These are communist economies.

Single owner business

Workers are

Who provides goods and services to individuals and the government?

What type of economy??  Government owns and controls resources for the public sector.

The government taxes businesses and individuals to provide ___________ services.

The amount of a good or service that consumers are willing to buy at a certain price.

The lack of something. This forces us to make decisions about what to produce.

If demand goes up......price goes ........ also.

Selecting one item from several possible alternatives.

NOT one of the three basic economic questions.

What type of economy?? Total Government Control.

What remains after a buisness has paid all expenses.

What type of economy?? Govt. role is greater than free market but less than command economy.

Describe this photo.

Price is determined by Supply and Demand.

What type of economy?? Centrally (Government) planned economy.

In a Mixed and Free Market economy, what determines what will be produced?

This acts as a single business no matter how many owners there are.

Competition between producers......

The idea that what the consumer demands drives many economies is known as.......