Study your flashcards anywhere!

Download the official Cram app for free >

  • Shuffle
    Toggle On
    Toggle Off
  • Alphabetize
    Toggle On
    Toggle Off
  • Front First
    Toggle On
    Toggle Off
  • Both Sides
    Toggle On
    Toggle Off
  • Read
    Toggle On
    Toggle Off
Reading...
Front

How to study your flashcards.

Right/Left arrow keys: Navigate between flashcards.right arrow keyleft arrow key

Up/Down arrow keys: Flip the card between the front and back.down keyup key

H key: Show hint (3rd side).h key

A key: Read text to speech.a key

image

Play button

image

Play button

image

Progress

1/15

Click to flip

15 Cards in this Set

  • Front
  • Back
  • 3rd side (hint)
What is Economics?
The study of how people try to satisfy unlimited wants with scare resoucres.
Define Need
Something required for survival.
*Food,Water,Shelter*
Define Want
Something desired for satisfaction.
* Ipod, Computer,Car*
What is a Resource?
A source of supply or wealth.
What is Scarcity?
The condition that results from society not having enough resources to make all the things poeple want.
* Time is a limited resource*
What is a Oppurtunity Cost?
The vaule of the next best choice.
* Remenber T-chart and also BENFITS*
What is Trade Off?
Something you give up in order to get more of something esle.
What is Market Economy?
Economics descions made by individuals and private buisness.
*Us;Freedom*
What is Command Economy?
Economic decisions are made by the government.
*cuba; controlled*
What is Mixed Economy?
Combo of both Market and Command Economy.
*Growth; Freedom; Most Countries*
What is Joint Venture?
A business undertaken by two or more individuals or companies in an effort to share risk and use differences in expertise.
*For example, oil companies often enter into joint ventures on particularly expensive projects carrying a high risk of failure.*
What is a Franchise?
Togrant (an individual, company, etc.) a franchise:
* Ex: The corporation has just franchised our local dealer* Apple Products*
What is a Entrepreneur?
One who starts a business or other venture that promises economic gain but that also entails risks.
What is Corporation?
Organization owned by many people but treated as a one person buisness.
What is Limited Partnership?
A artnership formed by at least one general partner and at least one special partner.
* 2 people (not equal)