Goal 8 - Civics And Economics - Part 1

Front 1

Households

Back 1

These people own the factors of production in a market economy

Front 2

Inverse

Back 2

Demand and prices have a(n) ________ relationship

Front 3

Traditional

Back 3

This type of economy is based on ritual and custom

Front 4

Socialism

Back 4

A political philosophy of dividing out welath among the citizens

Front 5

Government

Back 5

This group of people owns the factors of production in a command economy

Front 6

Free Market

Back 6

This type of economy is what the United States has (EOC Answer)

Front 7

Law of Demand

Back 7

A principle that says at low prices, people are willing to buy more, and at high prices people are willing to buy less

Front 8

Mixed

Back 8

This type of economy includes a market economy with some government intervention

Front 9

Substitutes

Back 9

Goods that can be used in place of another

Front 10

Decreases

Back 10

As pice _________, demand increases

Front 11

Minimum Wage

Back 11

This is an example of the way the United States government controls some aspects of the United States economy

Front 12

Firms

Back 12

In the circular flow, these organizations provide goods and services

Front 13

Increases

Back 13

As price _____________, demand decreases

Front 14

Downward

Back 14

The demand curve has this type of slope

Front 15

Change in Price

Back 15

This causes movement along the demand curve

Front 16

Inelastic

Back 16

If quantity demanded does not change with a change in price, the demand is _______

Front 17

Elastic

Back 17

If quantity demanded changes with a change in price, the demand is _______

Front 18

Supply

Back 18

The amount of goods available

Front 19

Demand

Back 19

The desire to own something and the ability to pay for it

Front 20

Compliments

Back 20

Goods that are bought together

Front 21

Direct

Back 21

Quantity supplied and price have a _____ relationship

Front 22

Law of Supply

Back 22

The concept that producers supply more at higher prices and less at lower prices

Front 23

Left

Back 23

The direction that the supply curve would shift if there was a decrease in supply

Front 24

Shift

Back 24

Change in technology can cause a _____ in the demand curve

Front 25

Supply Schedule

Back 25

A chart that describes quantity supplied at different prices

Front 26

Communism

Back 26

A political philosophy in which all economic power rests with the central government

Front 27

Circular Flow

Back 27

This contains the monetary and physical flow of an economy

Front 28

Quantity

Back 28

The x-axis of a supply and demand graph would be labeled as _________

Front 29

Price

Back 29

The y-axis of a supply and demand graph would be labeled as _________

Front 30

Market Supply Schedule

Back 30

Combining the various supply schedules