Economics Baseline

When the quantity supplied is greater than the quantity demanded

• a shortage has occurred.
• a surplus has occurred.
• it doesn't mean anything.
• government intervenes.

A _____ economy's government makes all of the major economic decisions.

• traditional
• mixed
• market
• command

This type of economy discourages new ideas and new ways of doing things.

• traditional
• market
• mixed
• command

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

• consumer
• economist
• loan shark
• debtor

Using income for purchases, expenses, and debt

• spending

• savings

• goods

• services

things purchased by consumers

• goods

• consumer

• producer

• supply

A person who provides a good or service

• producer

• need

• want

• consumer

A person who purchases a good or service

• consumer

• taxes

• supply

• good

Basic things humans need to survive

• need

• want

• import

• demand

how much of a good or service consumers want

• demand

• spending

• producer

• scarcity