Cultural Universals Vocabulary

What is the definition of culture?

• A way of life of a given people, at a given time, including language, behaviors & beliefs.

• A system in which private owners compete with each other to make profit.

• Anything used to fill a want or need, may be natural, human or capital.

• Limited to not have enough of something.

What does the term "universal" mean?

• Applies to everyone or everything.

• Limited to not have enough of something.

• To have extra or more than enough of something.

• Land, labor, capital and entrepreneurship.

What are resources?

• Anything used to fill a want or need, may be natural, human or capital.

• Concepts that affect price.

• A way of life of a given people, at a given time.

• Limited to not have enough of something.

What are the factors of production?

• Land, labor, capital and entrepreneurship.

• High supply and low demand.

• Limited to not have enough of something.

• A system in which private owners compete with each other.

What do the concepts of supply and demand affect?

• Price.

• Culture.

• Resources.

• Scarcity.

What happens when there is a high supply and low demand?

• Lower prices.

• Higher prices.

• Limited resources.

• More entrepreneurship.

What is scarcity?

• Limited to not have enough of something.

• To have extra or more than enough of something.

• A way of life of a given people.

• A system in which private owners compete with each other.

What is surplus?

• To have extra or more than enough of something.

• Limited to not have enough of something.

• A way of life of a given people.

• Concepts that affect price.

What is a market economy?

• A system in which private owners compete with each other to make profit using supply and demand.

• A way of life of a given people, at a given time.

• Anything used to fill a want or need.

• Limited to not have enough of something.

What is the term for all the options that are lost when a decision is made or resources are used?

• Barter

• Trade Off

• Opportunity Cost

• Specialization