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35 Cards in this Set
- Front
- Back
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good
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tangible item that a person can purchase
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service
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intangible item that you can purchase
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need
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a good or service bought for the necessity of life
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want
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a good or service purchased that is not necessary for life
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producer
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a person who makes a good or provides a service
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consumer
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a person who purchases a good or service
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supply
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the amount of goods and services available for sale
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demand
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the amount of consumers willing to purchase a good or service
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revenue
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the amount of money made by a business
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profit
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revenue minus expenses
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opportunity benefit
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the good or service that you choose to purchase
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opportunity cost
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the good or service that you choose not to purchase
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scarcity
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the economic concept that drives all economic decisions (low supply)
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traditional economy
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based on past production decisions
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command economy
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based on government decisions
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market economy
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based on supply and demand
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bartering
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trading of goods and services
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mercantilism
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command system in which a colony exists to provide money for the mother country (LA/France)
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smuggling
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illegal trade
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market economy
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open trade at the port
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4 economic questions
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1. What to produce?
2. How to produce it? 3. How much to produce? 4. For whom to produce? |
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reasons why currency is better than bartering
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portability, divisibility, availability
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advantages of LA oil industry
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income form severance tax, creates jobs
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OPEC
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Organization of the Petroleum Exporting Countries
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natural resources
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a gift from nature that man uses to make goods
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Renewable resources
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earth replenishes as fast as man uses
ex: plants and animals |
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Non renewable resources
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earth doesnt replenish as fast as man uses
ex: oil, lignite(coal), natural gas, salt, and sulfur |
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capital resources
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resource that is either money or asset
ex: building, shoe rack, inventory |
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human resources
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a person that is an employee; skilled or unskilled
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per capita GDP
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value of total goods/services produced by a country divided by the population
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CPI
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monthly price check of certain goods/services; used to calculate inflation
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unemployment rates
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percent of people who are out of work and looking for jobs
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poverty line
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family of four living on or below $22,400 a year
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poverty cycle
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poverty is a cycle that is hard to break
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3 characteristics of poverty
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1. limited education- few options for schools
2. poor health-no insurance, limited food options 3. inadequate housing |
