Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
20 Cards in this Set
- Front
- Back
|
Economics is the deals with the production distribution, and consumption of commodities. Resources are a source of supply, support or aid. |
Economics and Resource |
|
|
A person who organizes and manages any enterprises. |
Entrepreneur |
|
|
A need is something that you need to help you accomplish something. A want is something that you don't exactly need. |
Difference between a Need and a want |
|
|
A good is benefit or advantage to someone or something. A service is a place where you can buy goods. |
Good and Service |
|
|
1. Capital resources 2. Human resources 3. Natural resources |
List and explain the 3 main types of resources |
|
|
Technology should be help the people who buy this product. They should be able to use it, to benefit them. Efficient- Achieving maximum productivity with minimum wasted effort or expense. |
Explain the importance and impact Technology should have as a resource (define Efficient) |
|
|
Scarcity is a unlimited amount of resources, so many people want them but they can disappear due to the unlimited amount. It causes some of the resources to fade away, and he wont be able to use them anymore. |
Explain why scarcity is the biggest problem in economics. How does it impact decisions? |
|
|
To make a decision between two items, and making a choice to pick one or the other. This is relevant because you always have to make choices in your life. |
Define/ explain the terms Trade- off and opportunity cost (How are they relevant to your everyday life) |
|
|
Agraph that shows the combinations of 2 goods the economy can possibly producegiven the available resources and technology. |
Define: production possibilities frontier (PFF) |
|
|
(I have it drawn a separate piece of paper.)
|
Draw the base PFF diagram (Label horizontal axis, Vertical axis, and the frontier) |
|
|
(I have it drawn a separate piece of paper.) |
Draw another PFF and Label: Point that shows Efficient production, area that is feasible or possible, a point that shows inefficient production, and an area that is infeasble. |
|
|
(I have it drawn a separate piece of paper.) |
Draw a PFF that shows the effect of an increase of a resource / technology that impacts both goods being produced. |
|
|
(I have it drawn a separate piece of paper.) |
Draw a PFF that shows the effect of a decrease of a resource that impacts only one of the goods being produced |
|
|
(I have it drawn a separate piece of paper.) |
Draw a PFF for this scenario. Darterville produces bikes (horizontal axis) and desks (vertical). At production point "A" Darterville currently production to point "B" in which production is now 60 bikes and 55 desks. Show all this on the PFF and also lists what the Opportunity cost is a s result of the Trade-off. |
|
|
A circular flow-diagram is a visual model of the economy, shows how dollars flow through markets amonghouseholds and firms. |
Define: Circular- Flow diagram |
|
|
The Circular-Flow diagramis a visual model of the economy, shows how dollars flow through markets amonghouseholds and firms. |
List and explain the roles of the 2 participants or "Actors" in the circular-Flow |
|
|
House holds, and firms. House holds- Own the factors of production, sell/rent them to firms for income. Buy and consume goods and services. Firms- Buy/ hire factors of production use them to produce goods and services Sell goods and services Thinkinglike an economy. |
List and decribe the 2 Markets in the Circular-Flow |
|
|
(Drawn it on a separate piece of paper) |
Draw a Circular-Flow Diagram that shows the clockwise flow of goods and services (make sure you understand what is happening between each part) |
|
|
(Drawn it on a separate piece of paper) |
Draw a Circular- Flow diagram that shows the counter- clockwise flow of income and payments through the economy. (make sure you |
|
|
1. To be able to bargain correctly 2. Bargaining is not wrong. 3. Tips on how to get great deals. |
List three things that you have learned so far this semester so far this semester that helps make Economics seem more important |
