Social Studies

What is specialization?

• amount of a good or service that is available for use

• share of ownership in a company

• act of concentrating on a large number of goods or activitites

• act of concentrating on a limited number of goods or activities

What is scarcity?

• Having limited quantity of resources to meet unlimited wants

• Amount of good or service that is available

• round-shaped body

• relative size

What is demand?

• Pitching a fit to get your own wap

• amount of good or service that is available

• money earned by selling goods or services

• desire for a particular good or service

What is opportunity cost?

• how people, goods, and ideas get from one place to another

• resource that cannot be replaced in a relatively short period of time

• spreading of people over an area of land

• cost of what you have to give up when making a choice

What is a market economy?

• economy in which individual consumers and producers make all economic decisions

• economy that combines elements of traditional, market, and command economic systems

• economy in which the central government makes all basic economic decisions

• economy in which people make economic decisions based on their customs and habits

What is competition?

• person or business that buys, or consumes products

• arrangement in which a buyer can purchase something and pay for it over time

• a struggle among producers for consumers money

• establishing common ideas that people agree to follow

What is a recession?

• zero or negative economic growth for six or more months in a row

• positive economic growth for six or more months in a row

• money a company has left over after subtracting the cost of doing business

• none of the above

What is economics?

• The study of money

• The study of how people meet their wants and needs

• I don't know

• The study of people and their movements

What is a producer?

• Person or business that makes and sells products

• location of a place relative to another place

• measure of the number of people per unit of land

• person or business that buys, or consumes products

What is a command economy?

• economy in which individual consumers and producers make all economic decisions

• economy that combines elements of traditional, market, and command economic systems

• economy in which the central government makes all basic economic decisions

• economy in which people make economic decisions based on their customs and habits