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68 Cards in this Set
- Front
- Back
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What are things that add comfort and pleasure to your life?
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Wants
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What are things that are required in order to live?
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Needs
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What are things that you can see and touch?
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Goods
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What are actiities that are consumed at the same time they are produced?
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Services
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What are economic resources also called?
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Factors of Production
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What are raw materials supplied by nature?
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Natural Resources
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What are people who produce goods and services?
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Human Resources
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What are products and money used in the production of goods and services?
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Capital Resources
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What is the processof choosing which wants, among several options, will be satisfied?
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Economic Decision-Making
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What is giving up something to have something else?
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Trade-off
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What is the value of the next-best alternative that you did not choose?
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Oppurtnity Cost
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What is not havng enough resources to satisfy every need?
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Scarcity
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What is the decision making process?
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1) Define the probem
2) dentify the choices 3) Advantages/Diadvantages 4) Choose one 5) Act on your choice 6) Review your decison |
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What are the three economic questions?
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1) What goods and services will be produced?
2) How will the goods and srvices be produced? 3) What needs and wants will be satisfied wih the goods and services produced? |
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What is a nation's plan for answering the three economic questions?
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Economic System
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What are resources that are owned and controlled by the government?
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Command System
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What are resources that are owned and controlled by the people of the country?
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Market System
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What percent of the U.S population produces the food the country consumes?
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3%
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What are goods and services that are produced the way it has always been done?
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Traditional Economy
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What is the combination of the command and market economies?
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Mixed Economy
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What refers to the private ownership of resources b individuals?
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Capitalism
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PPCC?
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Priate Property
Profit Choice Competition |
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What is a person who buys and uses goods?
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Consumer
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Who are individulas and organizations that determine what products and services will be available for sale?
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Producers
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What is the quantity of a good or service that consumers are willing and able to buy?
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Demand
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What refers to the quantity of a good or service that businesses are willing and able to provide?
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Supply
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What is the point where supply and demand are equal?
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Market Price
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What is GDP?
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Gross Domestic Product
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What is the productionion output in relation to a unit of input?
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Productivity
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What refers to salaries and wages as well as investment income and government payments to individuals?
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Personal Income
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What are the sales of durabl adnondurable goods brought by consumers?
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Retail Sales
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What is the order of the Business Cycle?
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1) Prosperity
2) Recession 3) Depression 4) Recovery |
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What is an increase in the general level of prices?
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Inflation
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What is the number that compares prices in one year with prices in some earlier base year?
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Price Index
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What is a decrease in he general level of prices?
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Deflation
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What represents debt for an organization?
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Bond
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What represents ownership in a corporation?
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Stock
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What are items brought from other countries?
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Imports
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What are goods and services sold to other countries?
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Exports
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What is the difference between a country's total exports and total imports?
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Balance of Trade
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What is the value of a currency in one country compared with value in another?
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Exchange Rate
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What are restrictoins to free trade?
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Tade Barriers
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What is a tax that a govrnment places on certain imported products?
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Tariff
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What is it when the government sets a limit on the quanity of a product that may be imported or exported within a given period?
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Quota
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What is it when the government can stop the export or import of a product completely?
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Embargo
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What is an organizaton that does business in several countries?
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Multinational Company
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What is the selling the right to use some intangible property for a fee or royalty?
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Licensing
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What is the right to use a company name or business process in a specific way?
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Franchising
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What is an agreement between two or more companies to share a busiess project?
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Joint Venture
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What is WTO?
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World Trade Organization
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What refers to the duty of a business to contribute to the well being of a community?
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Social Responsibility
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What is a natural resource that cannot be replaced when used up?
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Non-Renewable Resource
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What is saving scarce natural resources?
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Conservation
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What is a set of rules for guiding the actions of employees or members of an organization?
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Code of Ethics
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What are principles of marality or rules of conduct?
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Ethics
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What are rules about how businesses and their employees ought to behave?
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Business Ethics
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What is an agreement to exchange goods or services for something of value?
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Contract
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What gives the inventor the sole right to make, use, or sell the item for 20 years?
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Patent
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Wha protects the creative work of authors, composers, ad artists?
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Copyright
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What is a word, letter,or symbol linked with a specific company or producer?
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Trademark
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What is an organization that supplies a service or product vital to all people?
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Publc Utility
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What is one who has no explicit or implicit contract for long-term employment?
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Contingent Worker
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What are businesses involved in selling the goods and services of producers to consumers and other businesses?
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Intermediaries
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What carries out activities that are consumed by its consumers?
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Service Business
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Who creates the products and services used by individuals and other businesses?
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Producers
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What is a business owned and ru by just one person?
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Proprietorship
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What is a business owned and controlled by two or more people who have entered into an agreement?
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Partnership
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What is a seperate legal entity formed by douments filed with a state?
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Corporation
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