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Understanding Economics: Key Concepts and Examples

Explore the fundamentals of economics including scarcity, surplus, specialization, and tariffs. Learn about different economic systems like command, market, and traditional economies. Discover how quotas and exports impact global trade.

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Understanding Economics: Key Concepts and Examples

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  1. Economics By: Mr. Washington

  2. The lack of a needed resource • Scarcity • The means of production are publicly owned and economic activity is controlled by a central authority. • Command Economy

  3. Limit placed on the amount of a product that can be imported from a particular country • Quota • Goods shipped out of a country • Export

  4. Focus on the development and production of one product or service • Specialization • More than needed of a particular resource • Surplus

  5. Makes decisions based on customs and beliefs passed down form parents to children. • Traditional Economy • Tax added to the price of imported goods • Tariff

  6. Individuals (through prices and profits) decide what will be produced. • Market Economy • To buy goods from another country (bringing in goods) • Import

  7. Malik wants to one day own a company that ________ goods and services to countries around the world. • Exports

  8. T’Keya has a ________ of jewelry. She should give all her extra jewelry to charity or sell it for a profit. • Surplus

  9. Focusing on one thing you do good, is called ____________ in economics. • Specialization

  10. Mr. Washington has a ___________ of hair. In economics shortages of goods and services occur regularly. • Scarcity

  11. The Wii that Michael wants for Christmas cost a lot, because of the _________ (tax added to imported goods) on video games made in Japan . • Tariff

  12. The ________ on imported Mexican tomatoes allows only 10,000 into the country. This forces us to buy more expensive Florida tomatoes. • Quota

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