Chapter 2/Lesson 2: Exploring Economics

A _____ economy is a system in which custom decides what people do, make, buy, and sell.

In a ____ economy, each person makes choices about why to make, sell, and buy.

True or false?  Technology can make it easier and more expensive to create goods.

_____________ includes the surface of the Earth and its natural resources.

Rising prices are a sign of _____.

In a ____, companies often close and people lose their jobs.

_____ is the act of running a business and taking on the risks of that business.

If Ms. Foster didn't have to worry about opportunity costs, which item would she purchase?

In a ____, the central government decides what goods will be made and who will receive them.

____ is the amount of a good or service that a producer wants to sell.

_____ is the lack of a resource.

_____ is the amount of something that a consumer wants to buy.

_______ is money and goods used to help people make or do things.

The goal of free trade is a world market where people are free to choose what to buy and sell.

In a __ economy, the government has some control, but individuals also make choices.

______ is what is given up, such as time or money, to make or buy something.

When people _____, goods and services are traded for other goods and services.

True or false?  The seller and buyer never agree on a price and amount that satisfies both.

_________ is the ability of people to do work.