Unit four economics

This means that the government should not interfere in the marketplace.

• Laissez Faire

• Capitalism

• Communism

• Socialism

The amount of money a business makes after its expenses are paid

• profit

• supply

• demand

• scarcity

Relationship between the quantity of a commodity that producers wish to sell at various prices and the quantity that consumers wish to buy.

• Scarcity
• Supply and Demand

A person or organization that uses a product or service is a(n):

• consumer
• economist
• loan shark
• debtor

House: Goods or Service?

• Goods
• Service

Doctor: Goods or Service?

• Goods
• Service

What is a need?

• Nothing
• Something you have to have to live
• Something you would like to have
• Ice cream

What is a want?

• A person
• Something you would like to have but don't need to live
• Purple
• Something you need to live

Gross Domestic Product (GDP) refers to the dollar value of all final goods, services, and structures produced anywhere in a single year for a country.

• True
• False

What is a high price a signal for?

• government to enact price controls
• producers to offer less & consumers to buy more
• producers to offer more & consumers to buy less
• suppliers to reduce sales until prices peak