Economics Test Flashcards
When making a choice, your ___________ is the second thing you wanted most.
opportunity cost
The three types of resources used to produce goods and services are:
human, capital, and natural
When production of a good or service is broken down iinto different steps with different workers performing each step, it is called _____.
division of labor
in our country we have a ______, where producers and consumers are both very important.
market economy
Scarcity means we have to make _____.
choices
Governemnts pay for the goods and services they provide by collecting _____.
taxes
Sometimes families have a _______ of money, because there is not enough to get them all they want.
scarcity
People ususally _______in a job, a skill they are good at or like to do.
specialize
Consumers buy the ____________ the producers make.
Goods
Businesses compete for consumers with the goal of earning a _____________.
profit
__________ has affected the levels of employment in the U.S.
Global Competition
Store are in _____________________ with eachother, so they often lower there prices to make people shop there.
competition
When _____________ goes up, stores lower their prices.
supply
When people want items, the _____________ is high.
demand
When items become scarce, consumers often buy _____________ instead of what they want.
substitute goods
What are exampoles of positive incentives?
A sale, a green ticket, BUy one get one free
What are examples of negative incentives?
A fine, a speeding ticket, a referral
What are the advantages of an assembly line?
You can produce more items in a shorter amount of time. This leads to a bigger supply and lower prices.
What are 3 examples of public goods and service?
Roads, schools, police officers, fire fighters
If you have a job, you are _____.
employed
If you are trying to find a job, you are ________.
unemployed
If you are retired or a child, you are __________________.
Not in the labor force
