Front

What is an export?

Back

A good that is shipped from one country to another and sold there.

Front

What is a command economy?

Back

An economic system where the government sets the prices and controls the production of goods.

Front

What happens when a business raises the price of a product?

Back

It may decrease the demand for that product.

Front

What is a cost in economics?

Back

A cost is what you give up when you choose one option over another.

Front

What are needs and wants?

Back

Needs are essential for survival, while wants are things we desire but do not need.

Front

What is supply?

Back

The amount of a product that is available for sale.

Front

What is demand?

Back

The desire of consumers to purchase a product at a given price.

Front

What is a market economy?

Back

An economic system where prices are determined by supply and demand.

Front

What is the role of a business owner in a free enterprise system?

Back

To make decisions about what to produce and how to sell it.

Front

What is a graphic organizer?

Back

A visual tool that helps organize information and ideas.