Civics- Economics Unit 1

Front 1

set of rules by which a nation answers its basic economic questions

Back 1

economic model

Front 2

branch of economics that looks at the small picture such as individual choices

Back 2

microeconomics

Front 3

factor of production used by labor in the process of production of goods and services

Back 3

capital

Front 4

goods that do not need to be replaced very often

Back 4

durable goods

Front 5

choices between alternatives with the understanding that using resources for one purpose comes at the expense of another

Back 5

trade offs

Front 6

basic requirement for survival; food, shelter, clothing, etc.

Back 6

needs

Front 7

an economy in which the basic economic questions are answered by government officials, with individuals having little control over economic decisions; also called a planned economy

Back 7

command economy

Front 8

costs that are the same no matter how many units of a good are produced

Back 8

fixed costs

Front 9

the quality of life of a society based on the amount of goods and services that its people have

Back 9

standard of living

Front 10

study of how individuals and societies make choices about ways to use scares resources to fulfill needs and wants

Back 10

economics

Front 11

branch of economics that looks at the big picture like that of the government and industries

Back 11

macroeconomics

Front 12

a amrket economy in which privately owned businesses have the freedom to operate for a profit with limited govenment intervention

Back 12

free enterprize

Front 13

economic system in which the central government directs all major economic decisions

Back 13

communism

Front 14

expenses that change with the number of products produced

Back 14

variable costs

Front 15

concept that allows the consumer to decide between the price they choose to pay for a good or service

Back 15

compitition

Front 16

an economic system in which businesses are privately owned and operated for profit and where free markets coordinate most economist activity

Back 16

capitalism

Front 17

economic system in which government owns some factors of production and distributes the products and wages

Back 17

socialism

Front 18

productive resources that are provided by nature

Back 18

natural resources

Front 19

extra cost of producing additional units of output

Back 19

marginal costs

Front 20

next best alternative use of a resource given up when a decision is made to use a resource in a different way

Back 20

opportunity costs

Front 21

an economy that has characteristics of both a command and a market economy

Back 21

mixed economy

Front 22

the amount of output produced by a given quantity of labor

Back 22

productivity