The study of how people manage their available resources.

Someone that makes a good or provides a service.

Which of the following would be the best example of a consumer?

Which type of economy would you find in the United Kingdom?

A domestic good is one that is made in your own country.

A foreign good is one that is made in your own country.

(RR4) A market(place) is anywhere goods/services are bought/sold.

Wood is an example of a(n) _______________________

The knowledge/skill of a veterinarian would be an example of ___________________.

(RR3) If a pizza shop owner buys a new oven to make the pizza he sells better and faster, he would be investing in _________________.

Free trade allows consumers to have more goods to choose from maybe even at a lower price.

INFER: Sometimes a tariff/quota is called PROTECTIONISM because they might protect domestic producers from having to compete with foreign companies with better/cheaper products.

Today, Russia has a pure command economy.

Germany has a pure market economy, in which the people make all economic decisions and the government has no role at all.

An import quota is NOT a limit on the amount of foreign goods that can be imported to a country.

Milk is a(n) _____________________________________

If a lawn service business owner pays someone to teach her workers how to repair the lawn mowers, she would be investing in _____________________ .

A delivery truck is a(n) ___________________.

In the United States, the citizens are free to make most economic decision on their own, but the government does make some things (like cocaine) illegal. This is why the US is considered to have a _____________________________ economy.

Which of the following is NOT one of the 4 Factors of Production in a market economy.

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