Economics

Front

Economic System where there is limited technology and ideas are passed down from generation to generation. Options: Command, Traditional, Mixed, Market

Back

Traditional

Front

How will scarcity of a capital good impact price?

Back

Price would go up

Front

Which of these jobs is involved in production? Options: Secretary, Factory worker, Truck driver, Zoo keeper

Back

Factory worker

Front

Quantity

Back

the amount

Front

What do you need to produce other goods and services?

Back

capital goods

Front

The thing that you give up (the next best alternative) when you make a decision is known as

Back

Opportunity Cost

Front

Trading something for something else - no currency involved

Back

barter

Front

How much people want something

Back

demand

Front

The making, buying and selling of goods and services

Back

economics

Front

What is the first step in making a decision?

Back

Describe the problem or situation