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