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15 Cards in this Set
- Front
- Back
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study of how a society uses its recources to meet its needs
study of choice |
economics
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a source of supply or support
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resources
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human resources
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people - labor or work effort exerted in production
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capital resources
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used for production of other goods (tools)
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needs and wants are greater than resources availiable
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scarcity
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resources provided by nature
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natural resources
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traditional economy
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use traditions from the past for production. decisions are based upon costoms and the past.
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market economy
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basic economic questions are answered by the people and business. buyers and sellers come togheter to exchange goods and services
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the basic economic questions
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what will be produced
how will it be produced for whom will i be produced |
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we use certain tools to evaluate economic systems
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GDP/GNP
literacy rate life expectancy infant mortality rate per capita income |
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command economy
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all decisions are made by the government. individuals have little control or influence over the way the economic questions are answered.
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hunters and gatherers
often nomadic egalitarian society |
traditional economy
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public ownership of all resources
gov't decides what will be produced by who and for whom emphasis on heavy industry at the expense of consumer products |
command economy
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self interest
profit motive profit ownership of means of production open competition supply and demand |
markey economy
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decisions are made by gov't
decisions are made mainly by individual households and businesses |
PUBLIC SECTOR
PRIVATE SECTOR |
