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UNIT 6 REVIEW GAME

UNIT 6 REVIEW GAME. Giving one thing in exchange for another. Extra point… What you sacrifice in order to have or do something else. Trade-Off Opportunity Cost. The study of how people provide for their wants & needs using scarce resources. economics.

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UNIT 6 REVIEW GAME

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  1. UNIT 6 REVIEW GAME

  2. Giving one thing in exchange for another. Extra point…What you sacrifice in order to have or do something else. Trade-Off Opportunity Cost

  3. The study of how people provide for their wants & needs using scarce resources. economics

  4. The idea that we have unlimited amounts of needs and wants, but a limited means to satisfy them. Scarcity

  5. The US is considered to be this type of economic system. Mixed Market Economy

  6. This is the idea that people are free to start their own business.Characteristic of the US Economy… Free Enterprise

  7. When supply is greater than demand, this exists… Surplus

  8. This refers to the amount of a product that will be purchased at a particular price. Demand

  9. If the price of item increases, what will happen to demand? Demand will decrease.

  10. The point where supply and demand are equal. Equilibrium Point (or) Market Price

  11. This refers to the amount of a product that will be produced at a particular price… Supply

  12. Why is competition important in a market economy?2 reasons… Lower Prices Improve Quality

  13. A businesses ability to produce a greater amount of goods in better and faster ways. productivity

  14. When workers refuse to work until the business owner(s) agree to a new contract. Strike

  15. When one business is the only seller of a good or service. Monopoly

  16. An organization of workers that try to improve wages and working conditions for their members. Labor Union

  17. The periodic ups and downs in economic activity. Business Cycle

  18. When the US government sets a plan for taxing & spending. Federal Budget (or) Fiscal Policy

  19. This refers to the amount of people who are looking for work, but cannot find a job. unemployment

  20. When the government spends more money than it collects in taxes, this exists… Deficit

  21. The Federal Reserve plan to control the nation’s money supply. Monetary Policy

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