Intro to Econ

What is an investment?

• Starting a business

• buying a new product

• lending money to a business in return for a share of the profit

• having a pay check deposited in a bank account

All resources and goods are limited. The inability to satisfy all wants and needs is called

• Opportunity Cost

• Scarcity

• Production

• Price

an economy in which production, investment, prices, and incomes are determined centrally by a government.

• Market
• Buddhist
• Traditional
• Command

An economic system in which economic decisions and the pricing of goods and services are guided solely by the aggregate interactions of a country's individual citizens and businesses

• Buddhist
• Command
• Market
• Traditional

original economic system in which traditions,customs, and beliefs help shape the goods and the services the economy produces

• Buddhist
• Market
• Command
• Traditional

Represented by the amount of people who need or want something

• Supply
• Opportunity Cost
• Demand
• Barter

The amount of a good/service that is able to be sold.
(How much you have)

• Demand
• Barter
• Economy
• Supply

A scarcity of iphones and a high demand for them leads to

• a price increase
• a price decrease

A surplus (having a lot or many of) of fidget spinners and a low demand for them leads to

• a price increase

• a price decrease

The option you give up when making a decision

• Demand
• Opportunity Cost
• Economy
• Price Cost