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7th Grade Economics
Question | Answer |
---|---|
The basic problem in economics | scarcity |
scarcity | unlimited wants/limited resources |
Three basic questions of economics | 1)What will be produced, 2)How will it be produced, 3)Who will consume it |
Factors of production | Land, Labor, Capital |
Land | all naturally occurring resources |
Labor | what humans do and get paid for |
Capital | human made resources |
Four types of Economic Systems | Traditional, Market, Command, Mixed |
Traditional Economy | doing things the way it has always been done |
Mixed Economy | a combination of market and command |
Command Economy | government answers the three questions |
Economics | The study of how people seek to satisfy their needs and wants by making choices. |
Embargo | When one country refuses to trade with another country |
Quota | A limit placed on the amount of goods that may be brought imported a country to encourage production within that country |
Tariff | A tax placed on an imported good |
Export | Goods going out of a country |
Import | Goods coming into a country |