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35 Cards in this Set

  • Front
  • Back
Producer
People who make the goods of the people
Consumer
The people who buy the goods
Barter
the exchange of ones goods for another persons goods.
Services
an act or activity performed for a fee.
Natural Resource
items provided by nature that can be used as a good or to provide service
Human Resource
any human effort while a product is being produced.
Capital Resource
the manufactured materials used to make a product is know as a capital resource.
Entreperneurship
Business's creating a new product for a consumer.
Entreperneur
A person who creates a new product for consumers to purchase
Scarcity
Unlimited wants Vs Limited resources also forces people to make desicions.
Allocate
to distibute
Productivity
the level of output that results from a given level of input
Efficiency
the use of the smallest amout of resources to produce the greatest amount of output.
Division of Labor
Assigning a small number of task to each worker
Specilization
to be great at something.
Opportunity Cost
the next best alternative offer on a product.
Money
an item that is taken in exchange for goods or services.
Credit
Allows you to use the purchased product before owning it.
Interdependence
Events that motivate other regions or sections in the economy to work harder.
P.P.C
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*
Price stability
is achieved when the overall price level of the goods and services available in the economy is relatively constant.
Full Employment
is the lowerest possible level of unemployment in the economy
Standard of Living
refers to people's economic well-being.
Economic Efficiency
making the best use of scarce resources
Economic Security
to protect the nation with their health, physcial protection, and overall money.
Traditional Economic
based on social values. also on their customs and tradions
Command Economy
Relies on the goverment officals to make the decision
Market Economy
individuals have the say in the decision making process.
Self Intrest
thinking about yourself and your needs
Incentives
Motivation
Mixed Economy
A combination of everything. tradional, mixed, and command.
Communism
the goverment controls all
capitalism
the individuals control all
Democratic socialism
the goverment owns some of the factors of production
product market
rep all goods or services in the economy.