Economics

The study of choices (Made by producers, consumers, and the government.)

----- nation has productive resources

Resources are used to produce goods and -----.

Resources are used to product ----- and services.

To be ----- without money

To be ----- with money

Productive resources, and therefore, goods and services are -----.

Human wants are basically -----.

Consumers, Producers, and the government have to make economic choices (resulting in opportunity -----)

Consumers, Producers, and the government have to make economic ----- (resulting in opportunity costs)

To Whom will the goods and services be distributed? How will the goods and services be produced? What goods and services will be produced? In a ----- Economy consumers and producers answers these questions

To Whom will the goods and services be distributed? How will the goods and services be produced? What goods and services will be produced? In a ----- Economy, government answers these questions.

Answering these questions most efficiently creates the need for specialization and interdependence resulting in…  -----.

The inability to satisfy all wants at the same time. All resources and goods are limited. This requires that choices be made.

Factors of production that are used in the production of goods and services. Types of these are natural, human, capital, and entrepreneurship

Any person who works to help create other resources

The equipment, materials, and items needed for a business to produce are called _____________________ resources.

Things found on or taken from the earth. Gas, iron, coal, and water are all ________________________ resources.

When people have ideas or inventions for new goods and services. A woman who starts a business or a man who creates a new kind of product are examples of ________________________ resources.

The selection of an item or action from a set of possible alternatives. Individuals must choose because these goods and services are limited

What is given up when a choice is made (The second-best alternative). Individuals must consider the value of what is given up when making a choice.

The amount of money exchanged for a good or service. Interaction of supply and demand determines this

Things that incite or motivate. _______________ are used to change economic behavior.

The amount of a product that a producer is willing and able to sell at a certain price.

The amount of a product that consumers are willing and able to buy at a certain price.

The combining of human, natural, capital, and entrepreneurship resources to make goods or provide services.

The using of goods and services. Consumer preferences and price determine this

----- will be produced?

----- will produce it?

----- ----- will it be produced?

Every country must decide how to use its ----- productive resources.

The key factor in determining the type of economy a country has is the ----- of government involvement

In a ----- economy, economic Decisions are based on custom and historical precedent (the established way of doing things).

In a ----- economy, eople often perform the same type of work as their parents and grandparents, regardless of ability or potential.

In a ----- economy, Economic Decisions are made by the government.

In a command economy, Sometimes called a “centrally - planned economy,” because the government is trying to control the direction of the economy.

A ----- economy is characterized by a lack of consumer choice, little competition, and little motivation.

In a ----- economy, there is central ownership of property and resources – usually by the government.

In a ----- economy, Economic Decisions are made by allowing producers and consumers to make their own choices, without government control.

In a ----- economy, there is Private Ownership of property and resources.

In a ----- economy, there is Profit Motive

In a ----- economy, there is competition

In a ----- economy, there is Consumer Sovereignty

In a ----- economy, there is individual choice

In a ----- economy, there is Minimal government involvement in the economy.

In a ----- economy, Individuals and businesses are owners and decision makers for the private sector.

In a ----- economy, Government is owner and/or decision maker for the public sector. (Public Transportation, Education, Healthcare, etc.)

In a ----- economy, Government’s role is greater than in a free market economy and less than in a command economy.

Most economies today including the U.S. are ----- economies.

​Which phrase best completes the title of this diagram?

Government regulation

Industrial productivity

Business profit

Consumer Choice

What type of economic system does the United States have?

Which is the most common economic system today?

What is number 1?

What is number 2?

What is number 3?

What is number 4?

What is number 5?

Individuals and businesses are owners and decision makers for the private sector. Which type of economy?

The government is owner and decision maker for the public sector. Which type of economy?

Lack of consumer choice, Which type of economy?

Centrally planned economy. Which type of economy?

Central ownership (usually by government) of property/resources. Which type of economy?

Profit motive is which type of economy

Consumer sovereignty is which type of economy

Individual choice is which type of economy

Competition is which type of economy

Private ownership of property/resources is which type of economy

Minimal government involvement in the economy is which type of economy

People often perform the same type of work as their parents and grandparents, regardless of ability or potential. This is which type of economy?

Economic decisions are based on custom and historical precedent. This is which type of economy?