Economics Review Units 1-3 WARM UP

Front

Economy

Back

All activities undertaken for the purpose of producing, distributing and consuming goods and services in a region or country

Front

What is a market economy?

Back

Consumers influence the types of goods and services

Front

The amount of money a business makes after its expenses are paid

Back

profit

Front

A person who comes up with a new idea for a product, and they actually make it and sell it.

Back

entrepreneur

Front

The idea that resources are limited

Back

scarcity

Front

Choice is when a person makes a decision and chooses what they want based on limited resources.

Back

True

Front

What you give up when you make a choice based on limited resources and scarcity, the thing you gave up was the

Back

Opportunity Cost

Front

Buy one, get one free is an example of a...

Back

Incentive

Front

High demand/low supply = __________ price

Back

High

Front

Sprint, Verizon and AT&T all working to get the business of a customer by lowering prices is called:

Back

Competition