Social Studies Chapter 4

Front

What is scarcity?

Back

Scarcity is the condition where there are limited resources to meet unlimited wants and needs.

Front

What is a command economy?

Back

A command economy is an economic system where the government makes all decisions about the production and distribution of goods and services.

Front

What is an import?

Back

An import is a good that is brought into a country from another place for sale.

Front

What does the number of trading partners indicate about a country?

Back

The number of trading partners indicates the level of global trade involvement and economic relationships a country has.

Front

What happens when consumers have more money to spend?

Back

When consumers have more money to spend, they are likely to purchase more products.

Front

What is opportunity cost?

Back

Opportunity cost is the value of the next best alternative that is given up when making a choice.

Front

What is a market economy?

Back

A market economy is an economic system where decisions about production and consumption are made by individual consumers and businesses.

Front

What is the role of consumers in an economy?

Back

Consumers drive demand for products and services, influencing what is produced and how much.

Front

What is a free enterprise system?

Back

A free enterprise system is an economic system where individuals have the freedom to own businesses and make economic choices.

Front

What is the relationship between supply and demand?

Back

Supply is the amount of a product available, while demand is how much consumers want that product; they influence each other.