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32 Cards in this Set
- Front
- Back
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_____ affects the economy by eliminating dublication. |
Specialization |
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__ at the __ means deciding about adding or subtracting one additional unit of some resource. |
thinking / margin |
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Wich country is the most extreme example of a centrally planned economy? |
North Korea |
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Scarcity always exist because our __ and __ are not limited but oure __ __ are limited |
needs/ wants / resource supplies |
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Using resources in such a way as to maximize the production of goods are services is called... |
efficiency |
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__ are people who put together land, labor, and capital to create new businesses. |
Entrepreneurs |
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Countries often have to choose between producing__ or __ goods, a trade-off economist call guns or butter. |
militery / consumer |
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Markets allow us to __ things we have for things we want or need. |
exchange |
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The resources used to make goods and services are called __ of __. |
factors / production |
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The skills and knowledge gained by a worker through education and experience are __ __. |
Human capital |
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Giving up one alternative for another is called a__. |
trade off |
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Shortages occure when people have trouble supplying the goods and services at __ __. |
current price |
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Economics is the study of how people choose from __ __ to meet their needs. |
many / alternatives
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Socialists belive economic __ is only possible if the public controls the economy. |
equality |
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A countrys production possiblilities will grow if it increases its __ |
resources |
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The doctrine that government should not __ in the mrketplace is called laisser- faire. |
intervene |
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In a __ economy, economic decisions are based largely on custom. |
traditional |
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A social and political philosophy based on the belief that demorcratic means should be used to distribute wealth evenly throughout society is called... |
socialism |
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__ and __-__ are two imprtant forces in free market economies. |
Competition / Self-interest |
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The self-regulating nature of the marketplace is called the __ __. |
invisile hand |
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List the three favtors of production: |
Land / labor / capital |
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List the four types of economic systems |
Traditional / central / market /mixed |
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The study of the economic behaviour and decision amking of entire econimies is __. |
macroeconomics |
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__ and copyrights are issued by the government is an example of government encouraging innovation. |
Patents
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What are the three main goals of the government in its attempt to keep the economy running smoothly? |
Hight employment / stable prices/ |
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The law of demand says the __ the prive the __ consumers will buy. |
lower / more |
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For most goods a rise in peoples income means that there will be a __ in demand. |
increase |
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If the elasticity of demand for a good at a certain prive is greater than one we describe demand as __ . |
elastic |
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If you keep buying despite a price increase, your demand is __. |
inelastic |
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The key factor that determines wheter the supply of a good will be elastic or inelastics is __. |
time ??? IDK couldnt read that. |
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According to the law of supply, the ___ the price, the __ quantity produced. |
higher/ more |
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la |
