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DSS: What is Supply and Demand?

DSS: What is Supply and Demand?. Answer: Economic law that says that the price of a good goes up or down based on the supply and how many people want it!. The way in which a nation uses its resources to satisfy people’s needs and wants. Answer: Economic Systems

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DSS: What is Supply and Demand?

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  1. DSS: What is Supply and Demand? Answer: Economic law that says that the price of a good goes up or down based on the supply and how many people want it!

  2. The way in which a nation uses its resources to satisfy people’s needs and wants. Answer: Economic Systems What are the three economic questions: What will be produced? How will it be produced? For whom will it be produced?

  3. A system of government in which culture determines how goods are made, bought, and sold. Answer: Traditional Economic System Give an example? Families, tribes, and clans have handed down traditions from generation to generation.

  4. An economic system that has features of traditional, command, and market systems (limited government control). Answer: Mixed Economic Systems Example: USA (most economies are mixed)

  5. A system where the government decides what to produce, how much to produce, and how the goods will be distributed. What is it? Answer: Command Economic System Example: North Korea & Cuba

  6. An economic system base on individual choices and voluntary trade. Answer: Market Economic System Example: Free Market-people choose to buy and sell what they want! PURE COMPETITION

  7. An economic concept that states that the price ($) of a good rises or falls depending on how many people want it and depending on how much of the good is available. Answer: Supply and demand Give an example of an item that is in high demand and low supply? i-phone when it first came out…

  8. DSS: Write Command, Mixed, or Market in the question section of your DSS sheet. Use your vocabulary to figure out the answer. Command Mixed Market Where did the Soviet Union fall on the line? Where does the US fall on the line? Where does the UK fall on the line? Where does Cuba fall on the line? Lots of government control Anything goes-free market Both government & freedom=most economies

  9. DSS pages 102-105 in your textbook! What are the four factors of production? Answer: Natural resources, labor, capital (human & goods), and entrepreneurs.

  10. What is the economic term called when people want morethan there is available. Wants exceed > supply (limited) Answer: Scarcity

  11. What is the term that limits the amount of items imported (coming in) to a country. Answer: Quota

  12. Money accepted in any form that is accepted as a medium of exchange (usually paper money) Answer: Currency

  13. Government uses this idea to limit the trade of products between two countries. Answer: Trade Barrier

  14. This is a fee charged (TAX) for goods or services brought into a country from another country. Answer: Tariff imported goods

  15. Price of one country's money in relation to another's. This may be fixed (not movable) or flexible (movable). Answer: Currency Exchange Dollar Euro Pound Yen

  16. A type of trade barrier in which the government blocks imports & exports of certain goods. Military force can be used to impose these! Answer: Embargo

  17. What are the three types of trade barriers? Answer: • Tariff • Quota • Embargo Big Three

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