Economics 2020

The amount of something that is available is....

• supply

• economics

• demand

• exchange

When you go to the store and buy a bag of popcorn, you are a ....

• producer

• consumer

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

• scarcity
• supply
• demand
• inflation

Sam loves science and wants to become a doctor but he is learning how to make clay bricks like his father and grandfather.

• Market

• Traditional

• Mixed

• Command

Katia is an accountant in a government run business where she was placed after graduation.

• Command

• Traditional

• Market

• Mixed

Joe owns a shoe store. At the end of the month Joe decides what to do with his profits.

• Command

• Market

• Traditional

a person who has the ideas and skills to start a business

• entrepreneur

• laborer

• manager

• consumer

The value of all the goods and services that a country produces in a year.

• Gross Domestic Product (GDP)

• Factors of Production (FOP)

• Free-Market Economy (FME)

work done for someone else in exchange for payment

• services

• supply

• scarcity

• land

A tariff is

• a specific number of imports allowed.

• a cash grant or loan from the government to support the business.

• an official ban on trade.

• a tax on imports.