Economic Principles

Front

something that someone does for you, like give you a haircut or fix you dinner or even teach you social studies.

Back

service

Front

something that you can use or consume, like food or CDs or books or a car or clothes.

Back

good

Front

An ___________________ is a system for allocating resources to meet people's needs and wants. It determines how goods and services are made and exchanged.

Back

economy

Front

What is being shown in the picture?

Back

goods

Front

A waitress in a restaurant is an example of?

Back

service

Front

When there are not enough resources to satisfy our wants/needs

Back

scarcity

Front

People who buy and use goods/services

Back

consumer

Front

government determines what is produced in this type of economy

Back

command

Front

Most decisions are market influenced with some government regulation (The U.S. has this type of economy)

Back

mixed

Front

This system is a way of creating wealth, and individual people do not own land, factories, or machinery. Instead, the government or the whole community owns these things.

Back

communism