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Economics

Economics. By: Mr. Washington. 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. Limit placed on the amount of a product that can be imported from a particular country Quota

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Economics

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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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