Economics

Trading something for something else - no currency involved

• demand
• barter
• goods
• market

Tools we use to make products

• capital resources
• human resources
• natural resources
• entrepreneurs

How much people want something

• supply
• demand

Something we use from nature

• natural resource
• human resource
• capital resource
• entrepreneur

The idea that resources are limited; we don't have an unlimited supply of what we want

• scarcity
• supply
• demand
• inflation

How much of something is available

• supply
• demand

If a drought severely reduces the amount of asparagus available to consumers, what would you expect to happen?

• The demand for asparagus will go down.
• The price of asparagus will go up.

My new Nikes were introduced in May for $129.99, but by December they are being sold for $69.99.  According to the law of supply and demand, which is most likely to be true about the Nikes.

• Supply for the Nikes are was hight but the demand was low.
• Supply for the Nikes was low but demand was high.

If supply of a product is limited, but demand is high, how would the price be affected?

• It would go up
• It would go down

Economic system where government controls everything.

• Market
• Command
• Mixed
• Free Enterprise