Economics

Economic System where there is limited technology and ideas are passed down from generation to generation

• Command
• Traditional
• Mixed
• Market

How will scarcity of a capital good impact price?

• Price would go up
• Price would go down
• Price would stay the same
• You wouldn't sell any

Which of these jobs is involved in production?

• Secretary
• Factory worker
• Truck driver
• Zoo keeper

Quantity means

• best item
• the amount

What do you need to produce other goods and services?

• consumer goods
• capital goods
• nondurable goods
• Gross Domestic Product (GDP)

The thing that you give up (the next best alternative) when you make a decision is known as

• Opportunity Cost
• Scarcity
• Incentive
• Choice

Trading something for something else - no currency involved

• demand
• barter
• goods
• market

How much people want something

• supply
• demand

The making, buying and selling of goods and services

• economics
• inflation
• market
• barter

The first step in making a decision is to: 

• A. Brainstorm possible solution
• B. Describe the problem or situation
• C. Consider the consequences
• D. Evaluate the decision