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40 Cards in this Set
- Front
- Back
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scarecity |
Inablity to satisfy all wants at the same time, all resources are limited |
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The four basic questions |
How many |
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Natural resources |
factors of production Land Minerals |
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Human resources |
factors of production labor, skills |
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Capital resources |
money, machines and tools used to produce things |
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Entrepreur |
Person who takes a risk to produce goods
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Choice
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Selecting an item or action
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Opportunity cost |
The highest valued alternative
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Incentive
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Something that motivates someone
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Price
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Influences who acquires goods and services
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Supply
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Amount of a good or service that customers will buy
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Demand
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Amount of goods or service a consumers will buy
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Consumption
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Using goods or services
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Production
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Combining of human, natural, and capital resources
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Factors of production |
Natural, human, and capital resources
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Traditinal Economy
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Economic descisions
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Command economy
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Lack of consumer service
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Free market economy
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Competition |
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Mixed economy
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More government
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Consumer sovereignty
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People determine goods and services
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Competition
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Rivalry between producers/ consumers
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Private property
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Goods and services
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Sole propership
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Form of business with 1 owner
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Partnership
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Form of business with 2 or more
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Coporation
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Many owners have shares of the buisness
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Circular/ economic flow |
Use the profits to buy more resources
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Public goods and services |
Roads, schools, parks, fire
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Private financial institions
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Banks, savings
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Interest
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Fee paid for the use of money
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Federal reserve system
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Issues currency
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Slow the economy
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Tax decrease
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Stimulate the economy
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May increase employment
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Tax
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money the govrenment collects
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Goverment revenue
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Taxes
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Deficit
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Excess of government
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Government agencies
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FTC, EPA, FCC
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reasons for trade and global economy
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Buy goods and services to other countries
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Ways government promotes competition
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Supporting business start ups
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