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15 Cards in this Set
- Front
- Back
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Economics
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The study of how best to allocate your scarce resources among competing uses
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Scarcity
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Lack of enough resources to meet desired uses
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Factors of Production
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resource inputs used to produce goods (land,labor,capital,entrepeneurship)
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Capital
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final goods produced
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Entrepreneurship
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assembly of resources
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Oppurtunity Cost
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is what is given up in order to do something else
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Production Possibilites
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alternative combos for making a product (tv's vs. shoes)
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Efficiency
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maximum output of a good
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Economic Growth
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increase in output
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Market Mechanism
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use of market prices and sales to signal desired outputs
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Laissez-Faire
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no gov't interference in business (Adam Smith)
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Mixed Economy
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an economy that uses both economic signals and gov't interference
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Market Failure
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imperfection in market mechanism
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Government Failure
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gov't intervetnion that fails to improve economic outcomes
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Macroeconomics/Microeconomics
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Macro-economy as a whole
Micro-Individual |
