Guided Notes-Economics

Last updated about 2 years ago
1 question
Instructions
Required
Consumer
- Anyone who _______ or _______  products.
Consumers determine prices.
Consumer economics
-The study of the role _______ play in an _______ system.
Adam Smith
-Described his idea of _______ _______ .
Competition
-Contest among sellers to win _______ .
-Serve _______ .
Entrepreneurship:
-Organizing productive resources to bring about the _______ of new goods and services.
Economics
-The study of how _______ systems work.
Production
-The creation of _______ and _______ .
The 4 basic resources:
1._______ 
2._______ 
3._______ 
4._______ 
Economic System
-The way a _______  uses resources to produce goods & services.
Types of Economic Systems
_______ economy
--Custom-based economy
The ways to produce products are passed from one _______ to another.
_______ economy.
-The _______  owns most resources and makes most economic decisions (North Korea and Cuba)
_______ economy
-_______ own the resources and run the businesses.
_______ economy
-The U.S. is not a pure market economy but a _______ of some government control.
The Economy
* When a product or service is purchased, the buyer casts an _______ _______ in favor of continuing that product or service.
* Recession cause the _______ _______ _______ (GDP) to decrease.
* _______ is a general increase in the average level of prices in a nation’s economy.  Prices are rising and the buying power of the dollar is falling.
* People who are jobless (not working), looking for jobs and available for work are considered _______ .
Opportunity Cost
- The cost of a decision based on what must be _______ _______ as a result of that decision.
Gross Domestic Product (GDP):
- The current value of all _______ and _______ produced in a country in a year.
CPI- Consumer Price Index:
- Measures monthly changes of about 400 goods/services people regularly _______ .
- Shows the _______  or _______ in retail consumer prices.
Unit Prices:
- A way to compare different sized _______ of food or other consumable goods.
- (Ex. per ounce or per item)
Profit
-The difference between the cost required to create the _______  and the _______ received from selling it.
-Profit=Price (Revenue) - Cost
Scarcity
-When consumers’ wants are always greater than the _______ available to satisfy those wants.