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30 Cards in this Set
- Front
- Back
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An economic problem of having unlimited human wants in a world of limited resources. |
Scarcity |
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This deals with the production, consumption, and transfer of wealth. |
Economics |
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A requirement you need to live and function in your life. |
Needs |
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Something you think you need, but it's just actually for entertainment. |
Wants |
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Economic resources that describe the function of each, in each environment. Land, Labor, Capital, and Entrepreneurship. |
Factors of Production |
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Created by nature, located above or below the ground. |
Land |
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Financial wealth, used to mainly start or maintain a business, and anything used to create goods. |
Capital |
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What Businesses and Entrepreneurs use to buy what they need to make their products, or they provide it to services in their economy. |
Financial Capital |
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The work done by people. |
Labor |
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When you create and organize a business. |
Entrepreneurship |
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When you make materials to create a good, so that you can sell that item, and make money. |
Production |
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The total value of goods produced, and services provided in a country each year. |
Gross Domestic Product (GDP) |
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A consumable item that is useful to people but scarce in relation to its demand, so that human effort is required to obtain it.
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Economic Products |
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A material that satisfies human wants. |
Goods |
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Goods that satisfy human wants through their use of that item. |
Consumer Goods |
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When you conduct business to make money with someone else through that specific business product. |
Services |
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The sum of tangible economic products that are scarce, useful, and transferable from one person to another. |
Wealth |
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A meeting place that allows buyers and sellers of an economic product to come together. |
Market |
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A market where goods and services are bought and sold. |
Product Market |
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An increase in a nation's total output of goods and services over time. |
Economic Growth |
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A measure of the amount of output produced with a given amount of productive factors, normally referring to labor, but it can apply to all labors of production. |
Productivity |
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Divisions of work into a number of separate tasks to be performed by different workers. |
Division of Labor |
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An assignment of tasks to the workers, factories, regions, or nations that can perform them more efficiently. |
Specialization |
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A sum of peoples' skills, abilities, health, and motivation. |
Human Capital |
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Mutual dependence of one person's, firm's, or region's economic activities on another. |
Economic Interdependence |
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An alternative that must be given up when one choice is made rather than another. |
Trade-off |
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The costs of the next best alternative use of money, time, or resources when one choice is made rather than the other. |
Opportunity Costs |
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A diagram representing maximum combinations of goods and/or services an economy can produce when all productive resources are fully employed. |
Production Possibilities Frontier (Curve) |
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Ways of thinking that compares the cost of an action to its benefits. |
Cost-benefit Analysis |
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International trade left to its natural course without tariffs, quotas, or other restrictions.
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Free Trade |
