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10 Cards in this Set
- Front
- Back
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economics
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the study of how people satisfy wants with scarce resources
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scarcity
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condition where unlimited human wants face limited resources
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entrepreneurs
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risk takers who combine everything into new products
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real GDP
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GDP that has been adjusted for price changes
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GDP
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a measure of national output, is computed by multiplying all final goods and services produced in a 12 month period by their prices
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foreign trade
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includes all consumers and producers outside the U.S.
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intermediate good
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goods that are not final goods, such as lettuce, tomato, pickle, cheese, bun, and beef which all become a cheeseburger as the final product
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opportunity cost
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what you give up to do something else
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double counting
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when used goods or intermediate goods are counted again in the GDP
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socialism
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An economic system in which the basic means of production are primarily owned and controlled collectively, usually by government under some system of central planning.
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