Economics By: Mr. Washington

The lack of a needed resource Scarcity Scarcity The means of production are publicly owned and economic activity is controlled by a central authority. Command Economy Command Economy

Limit placed on the amount of a product that can be imported from a particular country Quota Quota Goods shipped out of a country Export Export

Focus on the development and production of one product or service Specialization Specialization More than needed of a particular resource Surplus Surplus

Makes decisions based on customs and beliefs passed down form parents to children. Traditional Economy Traditional Economy Tax added to the price of imported goods Tariff Tariff

Individuals (through prices and profits) decide what will be produced. Market Economy Market Economy To buy goods from another country (bringing in goods) Import Import

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

TKeya has a ________ of jewelry. She should give all her extra jewelry to charity or sell it for a profit. Surplus Surplus

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. Scarcity Scarcity

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 Tariff

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