Economics

Question 1

How people choose to refuse limited resources to satisfy their unlimited wants

Answer 1

Economics

Question 2

When there isn’t enough of something because she might want more than they can

Answer 2

Scarcity

Question 3

Consumers willingness to purchase a good or service at a specific price

Answer 3

Demand

Question 4

Producers willingness to make the products or offer a service at a particular price

Answer 4

Supply

Question 5

(Touchable) objects that satisfy economic wants

Answer 5

Goods

Question 6

Activities performed by people to satisfy economic wants

Answer 6

Services

Question 7

Someone Who uses resources to make a good or service

Answer 7

Producer

Question 8

Someone who buys or trade it good or service

Answer 8

Consumer

Question 9

Goods brought into one country from another through trade or sale

Answer 9

Imports

Question 10

Goods and services trade with or so to other

Answer 10

Exports

Question 11

The knowledge and skills (education) that allows workers to produce goods and services and earns a salary

Answer 11

Human Resources/capital

Question 12

Goods such as factories, machines

Answer 12

Capital Goods (resources)

Question 13

Raw materials used to support life and make goods

Answer 13

Natural Resources

Question 14

The total value of all the goods and services produced in a country

Answer 14

Gross Domestic Product

Question 15

To buy more of something in order to benefit from it in the future

Answer 15

Invest (investment)

Question 16

The rare mix of qualities needed to create and run businesses

Answer 16

Entrepreneurship

Question 17

Hey person level of comfort. Determined by the amount of goods, services, and luxurious available to a person

Answer 17

Standard of Living

Question 18

When people, businesses, or countries produce specific goods or services in order to produce more

Answer 18

Specialization

Question 19

The way a nation uses its resources to satisfy people’s needs and wants. There are three major Economic systems, traditional economic, command economic, and market economic

Answer 19

Economic systems

Question 20

And economic system in which social roles and culture decide we’re good and services will be produced, how they will be produced in for whom

Answer 20

Traditional economic

Question 21

An economic system in which the government decides what goods and services will be produced, how they will be produced, and for whom

Answer 21

Command Economy

Question 22

And economic system in which individual choices decide what goods and services will be produced , how they will be produced, and for

Answer 22

Market Economy

Question 23

Economic system that has mix features of traditional, command, and market systems

Answer 23

Mixed Economy

Question 24

Any comment exchange in which all sides agreed to participate because they expect the benefit

Answer 24

Voluntary Trade

Question 25

The exchange of goods and services between countries

Answer 25

International Trade

Question 26

Money that is used as a way to trade goods and services

Answer 26

Currency

Question 27

How much one countries money is worth compared to another countries

Answer 27

Exchange Rate

Question 28

Any law or practice that a government used to limit trade between countries

Answer 28

Trade Barriers

Question 29

A price to charge for goods or services brought into one area from another area

Answer 29

Tariff

Question 30

A limit on the amount of product that may be important during a given period of time

Answer 30

Quota

Question 31

When a country refuses to import or export certain good; oftened backed by military

Answer 31

Embargo