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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.
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.
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)