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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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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
The idea that we have unlimited amounts of needs and wants, but a limited means to satisfy them. Scarcity
The US is considered to be this type of economic system. Mixed Market Economy
This is the idea that people are free to start their own business.Characteristic of the US Economy… Free Enterprise
This refers to the amount of a product that will be purchased at a particular price. Demand
If the price of item increases, what will happen to demand? Demand will decrease.
The point where supply and demand are equal. Equilibrium Point (or) Market Price
This refers to the amount of a product that will be produced at a particular price… Supply
Why is competition important in a market economy?2 reasons… Lower Prices Improve Quality
A businesses ability to produce a greater amount of goods in better and faster ways. productivity
When workers refuse to work until the business owner(s) agree to a new contract. Strike
When one business is the only seller of a good or service. Monopoly
An organization of workers that try to improve wages and working conditions for their members. Labor Union
The periodic ups and downs in economic activity. Business Cycle
When the US government sets a plan for taxing & spending. Federal Budget (or) Fiscal Policy
This refers to the amount of people who are looking for work, but cannot find a job. unemployment
When the government spends more money than it collects in taxes, this exists… Deficit
The Federal Reserve plan to control the nation’s money supply. Monetary Policy