Economics Study Guide
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| good | tangible (you can touch it) products (book, car, video games)
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| service | work that is performed for someone else (doctor, waiter)
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| need | things required for survival
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| want | things you would like to have
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| economy | the way goods and services are produced and consumed
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| consumer | someone who requires goods and services for his or her own personal review
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| producer | someone who makes goods or offers services to others
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| market economy | producer are free to decide what to produce and consumers are free to buy whatever they need and want
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| profit | the financial gain received by selling something for more than it cost to make it
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| incentive | a thing that motivates them; the idea that consumers need what they are offering
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| competition | producers battling over who can make the most profit
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| innovation | process of developing newer, better things constantly
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| supply | the amount of something that is available
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| demand | the number of consumers who want it
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| opportunity cost | the benefit you give up by choosing to do one thing instead of another
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| scarcity | limited amount of resource available
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| Why do we have to make choices? | scarcity
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| What are the characteristics of a market economy? | 1. People own the private property.
2. Open market where supply and demand determine prices.
3. Freedom of choices.
4. Self-interest motivates people.
5. Competition for profit.
6. Limited government role.
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| The Law of Demand: | If DEMAND is up, the price is up.
If DEMAND is down, the price is down.
If the PRICE is up, demand goes down.
If the PRICE is down, demand goes up.
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| The Law of Supply: | If the supply is up, price is down.
If supply is down, price goes up.
If the price is up, supply is up (stays the same)
If the PRICE is down, supply is down.
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To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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