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36 Cards in this Set
- Front
- Back
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wants
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desires
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supply
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amount of a good produced.
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economics
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study of production, consumption, and distribution of wealth
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needs
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basics of life; food, clothing, shelter
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saving
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abstaining from consumption; not using
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demand
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what people want to have produced
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price
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amount charged for goods and services
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taxes
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collected by government to provide public services
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investment
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spending on capital goods
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entrepreneur
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buisness-man
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producer
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human resource
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consumers
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people whose wants are satisfied
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consumer's market
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competition between producers and low prices for consumers
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communism
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economic system in which the government controls economic decisions
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financial program
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includes budget and wise use of money
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choice
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problems of distributing resources to best satisfy wants
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producer's market
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producers are under-supplying and making a large profit
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free enterprise
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economic system of the United States
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government
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regulates economic system, collects taxes, balances total supply and demand
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reserves
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gold which backs up currency
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economic system
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organized means by which a nation uses its resources to satisfy its wants
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competition
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economic rivalry among sellers
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capital goods
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man-made resources used in production
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factors of production
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land, labor, capital goods, entrepreneurship
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money
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bank deposits; demand deposits on which people write checks
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Human wants must be satisfied by ______.
a. consumers b. available resources c. economic systems |
b. available resources
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Society as a whole can never keep up with _____.
a. entrepreneurs b. available resources c. the wants of the people |
c. the wants of the people
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Specialization causes people, regions, and countries to become more _______.
a. interdependent b. independent c. communistic |
a. interdependent
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When the supply of a products is less than the demand, prices and profits ________.
a. rise b. fall c. remain the same |
a. rise
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Taxes the governments collects are spent on _________.
a. natural resources b. public goods and services c. market mechanism |
b. public goods and services
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Which of the following does the Bible advise for economic success?
a. debt b. hasty decisions c. hard work |
c. hard work
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Which of the following is not a function of money?
a. acts as a medium of exchange b. serves as a store of value c. gives a measure of value d. provides a source of contentment |
d. provides a source of contentment
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Which of the following is created by mass production?
a. custom made jewelry b. novels c. computers d. balancing supply and demand |
c. computers
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The borrower is _____.
a. important to the lender b. happier to the lender c. servant to the lender |
c. servant to the lender
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A tithe means ________.
a. a gift b. ten per cent c. a Biblical message |
b. ten per cent
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Our economic system helps us make four important decisions. What are they?
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a. What goods and services should be produced.
b. How goods and services should be produced. c. Who should have the goods and services produced. d. How much of these goods and services should be produced. |
