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35 Cards in this Set
- Front
- Back
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Economics
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* The study of how people produce, distribute, and consume products.
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Supply
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The amount in quantity that a company or buisness has for a particular product.
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Demand
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The percent of people who WANT to purchase a particular product.
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Scarcity
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Occurs when supply is low and demand is increasing rapidly.
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Surplus
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Supply is high and demand is decreasing rapidly.
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Four Factors Of Production
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* 1) Human Resources
2) Natural Resources 3) Capital Resources 4) Entrepreneurship |
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Human Resources
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A human work force. Employees are being paid to perform a task or duty.
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Natural Resources
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Materials and products found in nature.
EX: Woods, Metals |
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Capital Resources
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Machines and tools used by a labor force in order to make a product.
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Entrepreneurship
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A person or a buisness that is willing to take a risk and invest large sums of money into a product and/or idea.
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Three Economic Questions
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1) What to Produce?
2) How to Produce it? 3) Who Gets What is Produced? |
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Traditional Economy
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Ancestors and traditions control all aspects of an agricultural (farming) economy.
EX: Africa |
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Command Economy
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The government controls ALL aspects of an economy.
EX: Cuba |
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Free Market Economy
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The producers and consumers control ALL aspects of an economy.
EX:Somalia |
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Mixed Market Economy
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The type of government that producers and consumers share responcibility for making economic descisions. The most common type of government.
EX: U.S, Germany, U.K, and Russia |
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Good/Product
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Things created then bought and sold by consumers.
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Services
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A job that provides a service with the assistance of a good/product.
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Quota
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A restriction on the quantity of items brought into another country.
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Tarrifs
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A tax on imported goods.
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Embargos
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* When a country prohibits or limits trade with another country.
EX: U.S and Cuba |
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Gross Domestic product
( GDP ) |
* The measure of an economy adopted by the U.S in 1991.The total market values of goods and services by workers and capital resources within a nations borders during a given period.
EX: U.S |
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Gross National Product
( GNP ) |
* Former measure of the U.S economy.
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Transportation Barrier
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Natural landforms that make travel more difficult.
EX: mountains, desserts and frozen water |
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Transportation Corridor
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* Natural landforms that make transportation easier.
EX: rivers and lakes |
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Government
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How the power is distributed in the government by the role the citizens role in the government.
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Unitary Government
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* The constitution gives sole power to the central government.
EX: U.K, France and China |
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Federal Government
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* The constitution splits the power between the central and regional government.
EX: U.S |
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Confederate Government
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The power is given to the regional government and central government is very weak.
EX: Former USSR |
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Autocracy
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* A form of government in which one person has all the power.
EX: Cuba- Castro |
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Dictatorship
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Leader has absolute control over the government and most aspects of citizns' lives . Abolishes all apposition.
EX: Germany- Nazies |
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Obligarchy
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A form of government where most political power rests with a small segment of society.(typically most popular)
EX: Sweden |
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Democracy
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Power evenly distributed among the people.
EX: U.S |
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Presidential System
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President elected by citizens. Congress- bicameral House and Senate are three seperate branches.
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Parlimentary System
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Prime Minister elected by legilature. Parliment- bicameral. House of Commons= house of lords, legislative and executive are all combined.
EX: England |
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Theocracy
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Government of a state by immediate divine guidence or by officials who are regarded divine guidance.
EX: Iran |
