Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
51 Cards in this Set
- Front
- Back
|
Economics |
The study of how of how people seek to satisfy their needs by making there own choices |
|
|
Goods |
Physical objects such as clothes or shoes |
|
|
Services |
Jobs which people take as actions or services such as doctors , or hairdresser |
|
|
Need |
Requires something because it is essentially/ very important |
|
|
Want |
Have or desire o posses or do something ; or to wish |
|
|
Shortage |
A situation in which a good service is unavailable |
|
|
Factors of production |
Land , labor and captial; the three groups of resources that are used to make all good services |
|
|
Land |
All human made good that are used to produce other goods and services ; tools and buildings |
|
|
Human captial |
The skills knowledge gained by worker through education and experience |
|
|
Entrepreneurs |
Ambitious leader who combine land, labor , and capital to create and market new good. |
|
|
Capital |
Any human made resource that is used to create other goods and services |
|
|
Physical capital |
All human are goods that are goods that are used to produce other goods and services; tools and building |
|
|
Scarcity |
The state of being scarce or in short supply |
|
|
Trade-off |
To get one thing but to chose over another (going to the movies instead of a baseball game) |
|
|
Guns and butter |
Using the manufacturing money for one use over the other |
|
|
Opportunity cost |
Picking one thing you desire to buy to have over the other |
|
|
Opportunity cost |
Picking one thing you desire to buy to have over the other |
|
|
Thinking like a margin |
To be one step ahead of others |
|
|
Production |
The action f making manufacturing from components or raw materials |
|
|
Possibilities curve |
Is a curve depicting all maximum output possibilities for two good given a set of inputs consisting resources. |
|
|
Possibilities frontier |
Is the assumes that all inputs are used efficiently |
|
|
Efficiency |
The state or quality of being efficient |
|
|
Underutilization |
The state of not being used to full potential |
|
|
Law of increasing cost |
Is a principle that states that once all factors of production ( land, labor, capital) |
|
|
Economic system |
Economic system are the means by which countries and government distribute resources. |
|
|
Factor payments |
Made up in scarce factors of production in return productive services. |
|
|
Patriotism |
Someone who highly supports there country. |
|
|
Safety net |
A place to catch hardships |
|
|
Standard of living |
The degree of wealth and material comfort available to any person |
|
|
Transitional economy |
economic system in which traditions, customs, and beliefs help shape the goods and the services the economy produces, as well as the rules and manner of their distribution. Countries that use this type of economic |
|
|
Market economy |
market economy is an economic system in which economic decisions and the pricing of goods and services are guided solely by the aggregate interactions of a country's individual citizens and businesses. |
|
|
Centrally planned |
A centrally planned economy is an economic system in which the state or government makes economic decisions rather than the interaction between |
|
|
Command economy |
economy in which production, investment, prices, and incomes are determined centrally by a government. |
|
|
Mixed economy |
onomic system combining private and public enterprise. |
|
|
Market |
regular gathering of people for the purchase and sale of provisions, livestock, and other commodities. |
|
|
Specialization |
the process of concentrating on and becoming expert in a particular subject or skill. |
|
|
Household |
a house and its occupants regarded as a unit. |
|
|
Firm |
having a solid, almost unyielding surface or structure. |
|
|
Factor market |
In economics, a factor market refers to markets where services of the factors of production are bought and sold, such as the labor markets, the capital market, the market for raw materials, and the market for management or entrepreneurial resources. ... Production is the transformation of in |
|
|
Profit |
a financial gain, especially the difference between the amount earned and the amount spent in buying, operating, or producing something. |
|
|
Product market |
In economics, the product market is the marketplace in which final goods or services are offered for purchase by consumers, businesses, and the public sector. Focusing on the sale of finished goods, it does not include trading in raw or other intermediate materials. |
|
|
Self-interest |
one's personal interest or advantage, especially when pursued without regard for others. |
|
|
Incentives |
thing that motivates or encourages one to do something |
|
|
Competition |
person or people with whom one is competing, especially in a commercial or sporting arena; the opposition. |
|
|
Invisible hand |
invisible hand definition. A term used by Adam Smith to describe his belief that individuals seeking their economic self-interest actually benefit society more than they would if they tried to benefit society directly. |
|
|
Sovereignty |
supreme power or authority. |
|
|
Socialism |
supreme power or authority. |
|
|
Communism |
a political theory derived from Karl Marx, advocating class war and leading to a society in which all property is publicly owned and each person works and is paid according to their ab |
|
|
Authoritarian |
favoring or enforcing strict obedience to authority, especially that of the government, at the expense of personal freedo |
|
|
Collective |
done by people acting as a group. |
|
|
Heavy industry |
the manufacture of large, heavy articles and materials in bulk. |
