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19 Cards in this Set
- Front
- Back
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Economics |
The study of how to allocate scarce resources |
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Capitalism |
production decisions are made by individuals not the state |
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Capital |
money, equipment, and structures. Part of the means of production |
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Revenue |
all income |
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Profit |
Income-expense |
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Expenses |
the cost of production and distribution |
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Production |
creation of a good or service |
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Opportunity Cost |
the next best alternative that was not chosen |
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Scarcity |
limited nature of resources as opposed to unlimited human wants |
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Incentive |
external motivator to choose a certain way |
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Command Economy |
state makes production and distribution choices, not the individuals |
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The Market |
arena in which goods and services are traded |
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Barter |
form of trade that does not use money |
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Usury |
high interest, before capitalism it was equated with any interest |
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Division of labor |
specialization of different tasks |
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Mercantilism |
positive trade balance |
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Macroeconomics |
study of production, employment, policies, prices |
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Microeconomics |
analysis of economics conditions in firms, and specific markets |
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Commerce |
trade of goods or services |
