Industrialization(Unit 4)

Question 1

Economics

Answer 1

Study of how people seek to satisfy their needs and wants by making choices

Question 2

Allocate

Answer 2

Divide among of distribute in shares

Question 3

Resources

Answer 3

The means to accomplish something

Question 4

Scarcity

Answer 4

When there is not as much of a good or service as everyone wants

Question 5

3 basic questions

Answer 5

What to produce
How to produce
For whom to produce

Question 6

Traditional Economy

Answer 6

Based on customs and traditions

Question 7

Command Economy

Answer 7

Government makes all the decisions

Question 8

Market economy

Answer 8

People make decisions for themselves

Question 9

Demand

Answer 9

The total amount of consumers are willing and able to buy at all prices

Question 10

Demand factors of change

Answer 10

Tastes and fads
Income
Number of buyers
Future price expectations
Price and availability 
Substitutes

Question 11

Supply

Answer 11

The total amount of a good or service produces are able to make at all prices

Question 12

Factors that change supply

Answer 12

Price and availability of land labor or capital
Tech
Number of other sellers
Price of other goods
Tax policy

Question 13

Horizontal consolidation

Answer 13

Monopoly

Question 14

Vertical consolidation

Answer 14

Own the entire process of production

Question 15

Cartel

Answer 15

Not working at full potential of a factory to increase value of product

Question 16

Trust

Answer 16

Multiple buisness’ working together and the splitting the profit