Econ Unit 4

What is scarcity?

• giving something up to have something else

• Extra cost of producing one additional unit of production

• the condition that results from society not having enough resources to produce all the things people would like to have

• a rise in the general level of prices occurs, workers need more money to pay for good clothing and shelter.

What is choice?

• The act of picking or deciding between two or more possibilities

• The best option possible

• When something is very good

• When someone has no say in a matter

This type of business is only owned by one person

• Sole proprietorship

• Partnership

• Corporation

• Monopoly

This type of business is owned by two or three people:

• Sole proprietorship

• Partnership

• Corporation

• Monopoly

This type of business is owned by multiple people and has stocks.

• Sole proprietorship

• Partnership

• Corporation

• Monopoly

This type of economy has all supply and demand controlled by the government

• Command

• Mixed

• Market

• Traditional

This type of economy is determined solely by supply and demand.

• Command

• Mixed

• Market

• Traditional

This type of economy combines freedom of choice with some government regulations:

• Command

• Mixed

• Market

• Traditional

Water is an example of ___ resources

• Natural

• Capital

• Human

• Entrepreneurial

Computers are an example of ___ resources

• Natural

• Capital

• Human

• Entrepreneurial