Geo Unit 6 Vocab review

6. This occurs when the quantity demanded is greater than the quantity supplied.
7. This is the cost of the next best use of your money or time when you choose to do one thing rather than another.
9. These are economic activities that use natural resources directly from the earth. Examples include: Farming, Livestock grazing, Fishing, Forestry, Mining
14. Economic system in which the decisions of what, how and for whom to produce are based on traditions or customs.
15. Total market value of all final goods and services produced in a country during a single year.
18. A nation’s land and all of the materials nature provides that can be used to make goods and services.
21. Are the processing, management, and distribution of information. Examples include: Computers, Cellphones, Internet
22. Use raw materials to make products that are more valuable than the original raw materials. Examples include: Cars, Furniture, Cellphones, Computers
23. Individuals and businesses have the freedom to use their resources in ways they think best.
24. Is a measure of how efficiently businesses use the factors of production to create products.
25. System in which private citizens own most, if not all, of the means of production and decide how to use them within legal limits.

1. A nation’s way of producing and distributing things its people want and need.
2. Four categories of resources to produce goods and services
3. The study of how people choose to use their limited resources to satisfy their unlimited wants.
4. To trade a good or service for another good or service.
5. Involve providing goods and services to people and businesses. Examples include: Doctors, Teachers, Truck Drivers
8. Economic system in which individuals and businesses are allowed to compete for profit with a minimum of government interference.
10. A model showing how goods, services, resources, and money flow among sectors and markets in the American Economy.
11. The material well-being of an individual, a group, or a nation as measured by how well needs and wants are satisfied.
12. The government owns the majority of land, labor, and capital resources.
13. An economic system that has elements of tradition, command, and markets that answer the WHAT, HOW, and FOR WHOM questions.
16. Situation of not having enough resources to satisfy all of one’s wants and needs.
17. An economic decision-making model that divides the total benefits by the total costs.
19. The amount supplied by producers is greater than the amount demanded by consumers.
20. A belief that the government should not interfere in the marketplace.