Economic Concepts

Question 1

Market clearing price

Answer 1

The amount of product made= the amount of product bought

Question 2

Standards of living

Answer 2

Housing, Healthcare, education, rights and freedoms, access to resources, safety

Question 3

Economics,

Answer 3

how people choose to use scarse reapurces

Question 4

Scarcity

Answer 4

When you don’t have as much of something as you like

Question 5

Resource

Answer 5

Anything that can be used to satisfy human wants

Question 6

Productive resources

Answer 6

Resources that can be used to produce other things

Question 7

Land

Answer 7

Any kind of natural resource or give from nature

Question 8

Labor

Answer 8

Human effort used in making something

Question 9

Capital

Answer 9

Man made things that are used to make other things

Ex, hammer, any machine,

Question 10

Shortage

Answer 10

When demand is higher then supply. Price will rise

Question 11

Surplus

Answer 11

When supply is greater then demand. Price will be cheap

Question 12

Demand

Answer 12

The amount of people who want the good

Question 13

Cost

Answer 13

When you have to give up something else in oder to get what you want

Question 14

Supply

Answer 14

The amount of goods that are available

Question 15

Urbanization

Answer 15

The increase in the proportion of people living in towns and cities.

Question 16

Interchangeable parts

Answer 16

identical components that can be substituted one for another

Question 17

Mass production

Answer 17

the production of large quantities of a singular good