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24 Cards in this Set

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  • Back
  • 3rd side (hint)
UNDERSTAND THE BASIC HUMAN NEED AND HOW MET
Define Need Something required for survival. *Food,Water,Shelter*
Define Want Something desired for satisfaction. * Ipod, Computer,Car*
DIFF OF WANT AND NEED
What is Market Economy?
Economics descions made by individuals and private buisness.
FREEDOM
UNDERSTAND BASIC ECON CONCEPTS
HOW THE GOV AND THE ECONOMY INTERRLATE REGULATIONS, INCENTIVES AND TAXATION
INERRALATION OF ECON CONCEPTS
ECON SYSTEMS
HOW ECONOMIC RESOURCES THAT IS LAND, CAPITAL, LABOR, AND ENTREPRENEURSHIP
THIS ALSO INCLUDES ENTREPRENEURSHIP
WHAT ARE ALTERNATE ECON SYSTEMS?
Development economics examines the economic aspects of the development process in developing countries with a focus on methods of promoting economic growth.
Environmental economics is concerned with environmental issues, in particular the concept of externalities, which can lead to market failure.
Financial economics, often simply referred to as finance, is concerned with the allocation of financial resources in an uncertain (or risky) environment. Thus, its focus is on the operation of financial markets, the pricing of financial instruments, and the financial structure of companies. While it has traditionally been considered a part of economics, today, finance has established itself as a separate discipline in its own right.
Industrial organization studies the strategic behavior of firms, the structure of markets and their interactions. The common market structures studied include perfect competition, monopolistic competition, various forms of oligopoly, and monopoly.
Information economics examines how information (or a lack of it) affects economic decision-making. An important focus is the concept of information asymmetry, where one party has more or better information than the other. The existence of information asymmetry gives rise to problems such as moral hazard, and adverse selection, studied in contract theory. The economics of information has relevance in many fields, including finance, insurance, contract law, and decision-making under risk and uncertainty.
Labour economics seeks to understand the functioning of the market and dynamics for labour. Labour markets function through the interaction of workers and employers. Labour economics looks at the suppliers of labour services (workers), the demanders of labour services (employers), and attempts to understand the resulting patterns of wages and other labour income and of employment and unemployment, Practical uses include assisting the formulation of full employment of policies
WHEN THE SUPPLY OF A PRODUCT EXCEEDS THE DEMAND FOR THE PRODUCT IT BECOMES CHEAPER
What is the free enterprice system
the us economy
WHEN THE SUPPLY OF A PRODUCT EXCEEDS THE DEMAND FOR THE PRODUCT IT BECOMES CHEAPER
Supply and Demand
every product has a price, Price is based on price and need, as the demand for product rises, its price rises, to. Labour economics seeks to understand the functioning of the market and dynamics for labour. Labour markets function through the interaction of workers and employers. Labour economics looks at the suppliers of labour services (workers), the demanders of labour services (employers), and attempts to understand the resulting patterns of wages and other labour income and of employment and unemployment, Practical uses include assisting the formulation of full employment of policies
WHEN THE SUPPLY OF A PRODUCT EXCEEDS THE DEMAND FOR THE PRODUCT IT BECOMES CHEAPER
IMPORTANT POINTS OF TEXAS ECONOMY (IMPORTANT FACTS)
TEXAS ONE OF THE FASTEST ECONS
MANEY JOBS IN TX, MOST IN SERVICE
TOURISM IS BIG IN TEXAS
TEXAS INDUSTRY DEPENDS ON NAT RESOURCES
TEXAS IS THE CENTER FOR MANUFACTURING
TEXAS HAS MANY EXPORTS,
Scarcity
GOODS AND SERICES
Definition: A lack of resources to meet all consumer wants.
2) TANGIBLE GOODS
CAPITAL GOODS
FOR CREATION OF OTHER GOODS, TO MAKE GOODS MACHINARY, TRUCKS, ETC
WHAT IS CAPITAL GOODS
DURABLE GOODS
NONDURABLE GOODS
ANY GOOD THAT LASTS MORE THAN 3 YEARS
2) GOODS THAT Last less then 3 servies
3 > and <
Services-work that is performoned for someone
non-tangible items that cannot be touched
Capital-
DEMAND
PHYSICAL ASSETS
-THE QUANTITY OF A GOOD OR SERVICE A CONSUMER IS WILLING AND ABLE TO PURCHASE OFA SPECIFIC PRICE, OF OF THE TWO KEY DETEMINATES
ONE OF THE TWO DETERMINTS OF A MARKET PRICE
CAPITAL
FACTORS OF PRODUCTION AND SERVICES
LAND-NATURAL RESOURCES
CAPITAL-INVESTMENT MONIE
LABOR-THE WORKFORCE SIZE, EDUCATION, QUAILITY, WORK, ETHICS, ENTREPRENEURS-INCENTIVE AND RISK TAKING SPRIT
INFLATION
OVERALL INCREASE IN PRICE
define oppt. cost
the cost of an economic decision
econ oc
productivity
vast amnts of goods (econ. productivity)
Stock markets
a form of trading, a way a business raise capital by giving up some of their ownership and sharing their profits or losses with stockholders
What are the three basic economic questions?
Questions all nations and states must ask when dealing with scarcity and efficiently allocating their resouces
what to produce?
How to produce?
For whow to produce?
Value-
An assignment of worth, usually based upon the utility (usefulness) or scarcity of the item (supply and demand)
Wealth
The sum collection of those economic porducts that are tangible, scare and useful
Inetegrating concepts
INGERATING CONCEPTS WITH economics, WORLD HISTORY, TEX HISTORY, GOV./CIVICS/ POLI SCI, GEOGRAPHY, ECON, TECHONOLGY TYPES OF INTEGRATING CONC
INGERATING CONCEPTS WITH Economics, US HISTORY, WORLD HISTORY, TEX HISTORY, GOV./CIVICS/ POLI SCI, GEOGRAPHY, ECON, TECHONOLGY TYPES OF INTEGRATING CONC
HOt HIGH ORDER THING QUESTIONS, WHERE YOU INTERPET INFORMATION FROM WRIT PASSAGES, MAPS, CHARTS, GRAPHS, TABLES, CARTOONS, DIAGRAMS, AND PHOTOGRAPHS
HIGH ORDER THING QUESTIONS, WHERE YOU INTERPET INFORMATION FROM WRIT PASSAGES, MAPS, CHARTS, GRAPHS, TABLES, CARTOONS, DIAGRAMS, AND PHOTOGRAPHS
PRIMARY SOURCES OF STUDING economis RECORDS AND FIRST HAND ACCOUNTS OF HISTORICAL EVENTS, Edit
SECOND SOURCES OF STUDING HISTORY RETELLINGS, DESCRIPTIONS, AND EXPLANATIONS CREATED AFTER THE EVENT, AND EXPLANATIONS DREATIED AFTER THE EVENT USUALLY BASED ON PRIMARY SOURCES
primary econ sources
seconday econ sources
PRIMARY SOURCES OF STUDING economiC RECORDS AND FIRST HAND ACCOUNTS OF HISTORICAL EVENTS,
SECOND SOURCES OF STUDING HISTORY RETELLINGS, DESCRIPTIONS, AND EXPLANATIONS CREATED AFTER THE EVENT, AND EXPLANATIONS TREATIED AFTER THE EVENT USUALLY BASED ON PRIMARY SOURCES
primary
secondary