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| inability to satisfy all wants at the same time (example: oil) |
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| selecting an item form a set of alternatives |
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| What you give up when you make a choice |
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| factors of production (natural, capital, & human) |
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| Amount of a product made by a producer |
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| Amount of a product wanted by a consumer |
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| determined by supply & demand |
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| something changes your economic behavior (example: coupon) |
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Basic, simple, based on family and traditions
-Goal: survival |
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Competition, choice, little gov’t involvement
-Goal: individuals make $ and own property |
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No competition, no choice, lots gov’t involvement
- Goal: Country makes $ |
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Competition, choice, mix of gov’t involvement (USA, most common)
- Goal: individuals and the country make $ |
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| someone that takes a risk to make a profit |
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| two or more owner business |
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| many owners, risk = investment |
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| Circular Flow Chart that shows how businesses, individuals, and the government interact |
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| Private Financial Institutions: |
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| Banks, Credit Unions and Security Brokerages |
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Definition
The reason why:
- we save money
- Banks loan money |
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Term
| In US economy, gov't __________ |
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Definition
| protects consumer rights & promotes competition |
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| gov't affects the economy by ______ |
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- taxing
- borrowing
- spending |
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| Why trade with other countries around the globe? |
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Definition
- Make $
- Create jobs
- Get things we cannot produce
- Pay less to buy things |
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Term
| The federal reserve tries to prevent ____________. |
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| What is the central bank of the US that regulates how much money is in the economy? |
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