7th Grade SS Econ Unit

The study of how individuals and nations make choices about ways to use scarce resources to fulfill their wants and needs

• Exports

• Opportunity Cost

• Economics

• Trade Off

The cost of the next-best use of time and money when choosing to do one thing or another

• Exports

• Opportunity Cost

• Economics

• Trade Offs

The alternative you face if you decide to do one thing rather than another.

• Exports

• Opportunity Cost

• Economics

• Trade Offs

To sell goods to other countries

• Exports

• Opportunity Cost

• Imports

• Trade Offs

The alternative you face if you decide to do one thing rather than another.

• Exports

• Opportunity Cost

• Economics

• Trade Offs

To buy goods from another country.

• Exports

• Opportunity Cost

• Imports

• Trade Offs

Under which economic system would factors of production most likely be owned by a government.

• Market Economy

• Mixed Economy

• Traditional Economy

• Command Economy

Actions in this type of economy relate to ritual, habit, and custom.

• Traditional Economy

• Market Economy

• Mixed Economy

• Command Economy

In which economic system would individuals and businesses own all resources and make decisions

• Traditional Economy

• Market Economy

• Mixed Economy

• Command Economy

The United States would be an example of this type of economic system.

• Traditional Economy

• Market Economy

• Mixed Economy

• Command Economy