Economics

Front

Economic system where government controls everything.

Back

Command

Front

Economic System where there is limited technology and ideas are passed down from generation to generation

Back

Traditional

Front

If the supply of a good is higher than the demand, what happens to the price?

Back

Price goes down

Front

An increase in competition would have what effect on price?

Back

Price goes down

Front

If there is no competition in your market, how would that impact your business?

Back

You could charge more for your product.

Front

How will scarcity of a capital good impact price?

Back

Price would go up

Front

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

Back

Factory worker

Front

What is consumption?

Back

How a good is used

Front

New technology that increases the speed of production would have what impact on the prices of goods?

Back

Prices would lower

Front

Type of Economy where Supply and demand determine prices with little gov intervention

Back

Market