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15 Cards in this Set

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