Economics

What is demand?

• the amount of an item you have

• how many people want your good/service

• the money you have left over after you paid your bills

What is supply?

• the amount of an item you have

• how many people want your good/service

• the money you have left over after you paid your bills

A good made in the United States and sent to other countries

• import

• export

• supply

• demand

A good made in another country and brought into the United States

• import

• export

• supply

• demand

What type of economy does the United States have?

• traditional

• mixed

• command

• market

What is a market economy?

• An economy based on supply and demand with little or no government control

• The international exchange of goods

• An economy in which decisions are made by the government

• An economy that is communist

What is a producer?

• a person who gives goods away

• things people would like to have

• the exchanged of goods and services without the use of money

• a person, company, or country that makes grows, or supplies goods for sale

What is a consumer?

• a person who takes things

• a person who purchases goods and services for personal use

• a person who takes good away

• the economic factors affecting the price, demand, and availability of a commodity

In a ______________ economic system, the government owns resources and controls production, prices, and wages

• traditional

• market

• command

• mixed

if one company is the only one selling a product or providing a service

• Monopoly

• Stock

• Labor

• Capital