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35 Cards in this Set
- Front
- Back
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Producer
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People who make the goods of the people
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Consumer
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The people who buy the goods
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Barter
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the exchange of ones goods for another persons goods.
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Services
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an act or activity performed for a fee.
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Natural Resource
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items provided by nature that can be used as a good or to provide service
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Human Resource
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any human effort while a product is being produced.
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Capital Resource
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the manufactured materials used to make a product is know as a capital resource.
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Entreperneurship
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Business's creating a new product for a consumer.
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Entreperneur
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A person who creates a new product for consumers to purchase
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Scarcity
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Unlimited wants Vs Limited resources also forces people to make desicions.
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Allocate
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to distibute
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Productivity
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the level of output that results from a given level of input
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Efficiency
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the use of the smallest amout of resources to produce the greatest amount of output.
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Division of Labor
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Assigning a small number of task to each worker
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Specilization
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to be great at something.
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Opportunity Cost
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the next best alternative offer on a product.
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Money
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an item that is taken in exchange for goods or services.
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Credit
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Allows you to use the purchased product before owning it.
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Interdependence
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Events that motivate other regions or sections in the economy to work harder.
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P.P.C
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shows the possible combinations of 2 goods or services that can be produced within a stated time period. 1*Studied doesn't change * 2*all r being used effectivly*
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Price stability
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is achieved when the overall price level of the goods and services available in the economy is relatively constant.
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Full Employment
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is the lowerest possible level of unemployment in the economy
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Standard of Living
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refers to people's economic well-being.
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Economic Efficiency
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making the best use of scarce resources
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Economic Security
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to protect the nation with their health, physcial protection, and overall money.
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Traditional Economic
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based on social values. also on their customs and tradions
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Command Economy
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Relies on the goverment officals to make the decision
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Market Economy
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individuals have the say in the decision making process.
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Self Intrest
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thinking about yourself and your needs
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Incentives
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Motivation
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Mixed Economy
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A combination of everything. tradional, mixed, and command.
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Communism
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the goverment controls all
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capitalism
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the individuals control all
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Democratic socialism
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the goverment owns some of the factors of production
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product market
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rep all goods or services in the economy.
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