EconomiEconomicscs

By: Mr. Washington

The lack of a needed resource ScarcityScarcity

The means of production are publicly owned and economic activity is controlled by a central authority.

Command EconomyCommand Economy

Limit placed on the amount of a product that can be imported from a particular country

Quota Quota Goods shipped out of a countryExportExport

Focus on the development and production of one product or service

SpecializationSpecialization

More than needed of a particular resource

SurplusSurplus

Makes decisions based on customs and beliefs passed down form parents to children.

Traditional EconomyTraditional EconomyTax added to the price of

imported goods

TariffTariff

Individuals (through prices and profits) decide what will be produced.

Market EconomyMarket EconomyTo buy goods from another country (bringing in goods)

ImportImport

Malik wants to one day own a company that ________ goods and services to countries around the world.

ExportsExports

T’Keya has a ________ of jewelry. She should give all her extra jewelry to charity or sell it for a profit.

SurplusSurplus

Focusing on one thing you do good, is called ____________ in economics.

Specialization Specialization

Mr. Washington has a ___________ of hair. In economics shortages of goods and services occur regularly.

ScarcityScarcity

The Wii that Michael wants for Christmas cost a lot, because of the _________ (tax added to imported goods) on video games made in Japan .

TariffTariff

The ________ on imported Mexican tomatoes allows only 10,000 into the country. This forces us to buy more expensive Florida tomatoes.

QuotaQuota