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18 Cards in this Set
- Front
- Back
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Product market |
Consumer goods |
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Resource market |
Land, labor, capital |
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Product market |
Consumer goods Firms- sell Households- buy |
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Resource market |
Land, labor, capitals Firms- buy Households- sell |
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Economics is.. |
The study of how ppl seek to satisfy needs and wants |
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Factors of production are... |
Land, labor, physical capital, human capital |
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All resources are considered scarce bc... |
They are all limited |
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How is benefit of a decision determined |
Cost-benefit analysis |
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Opportunity cost |
The gain lost by not going with the other oppurtunity |
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Ppc |
Shows who h product will make more business w same resource |
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Level of productivity leads to... |
Efficiency |
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Innovation leads to... |
Growth |
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3 basic economic questions |
WHAT will be produced? HOW will it be produced? WHO will get what is produced? |
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Free market |
Free from government control Capitalism Less Chance of surplus and shortages |
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Command |
All government control Socialism - allowed to spend wages as chosen Communism- not allowed to spend wages as chosen Higher chance of surpluses and shortages |
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Mixed |
Government controls somethings |
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Socialism |
Government does not control one thing |
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Communism |
Government controls everything |
