Basic Economics!

What is scarcity?

• Name of a horror movie

• Inability to satisfy all wants at the same time

• Amount you make when you sell something

• Running out of your supply because of high demand

The things that are produced in an economy depend on...

• Luck and Weather

• Consumer Preferences and Resources Available

• Price and Competition

• Services Provided and Profit Made

____________ is the using of goods and services.

• Price

• Effort

• Consumption

• Supply

The Three Basic Economic Questions are....

• What's for dinner? What's for breakfast? What's for lunch?

• Who's buying? Who's selling? How much does it cost?

• What to produce? How to produce it? For Whom to produce it?

• When does class end? Will I get a good grade? When will I be rich?

A type of economy where there is little or no government involvement and there is lots of choice...

• Free Market Economy

• Command Economy

• Traditional Economy

• Mixed Economy

Johnny decides to go to the movies instead of going to practice. What is his opportunity cost?

• Going to Practice

• Going to the Movies

• The price of the ticket

• Getting new basketball shoes

A type of economy where the government decides what is made, how it's made, and no choice exists.

• Free Market Economy

• Command Economy

• Traditional Economy

• Mixed Economy

A type of economy that has some government provided goods and services, but also choice. (The U.S. is one!)

• Free Market Economy

• Command Economy

• Traditional Economy

• Mixed Economy

An Entrepreneur is...

• A person who starts a business and is willing to take risks

• A word that's easy to spell

• A person who decides the price of goods in an economy

• A term for where the supply and demand curves meet

Which is not a characteristic of the U.S. economy?

• Own Private Property

• Free Markets and Profit

• These are ALL characteristics of the U.S. economy

• Competition

• Consumer Sovereignty