Basic Econ - Human Geo

____________________ is the amount of a good that a company has. 

• Supply
• Demand
• Good

__________________ is the willingness and desire of a peson to buy a good. 

• Supply
• Service
• Demand

If the supply decreases and the demand increases then the price will ___________________. 

• Decrease
• Increase
• Stay the same

If the supply increases, but the demand decreases, then the price will _______________. 

• Decrease
• Increase
• Stay the same 

Natural resources are

• something found in nature that satisfies our wants and needs (like a tree cut down for timber)

• the amount of goods and services people are willing to buy at a specific time

• the work that people do in nature

• making goods or service

Food and shelter are wants.

• True

• False

The US has which type of economic system?

• Command

• Capitalist

• Mixed

• Traditional

Communist countries or countries with dictators often have mainly which type of economic system?

• Command

• Capitalist

• Mixed

• Traditional

Capitalist/Market economies can lead to a wide gap between the poor and wealthy.

• True

• False

Scarcity can be a result of high demand and might lead to -

• higher prices

• lower prices