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20 Cards in this Set
- Front
- Back
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Basic Economics-
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anything that has to do with the production/distribution/consumption of goods and services
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macroeconomics-
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deals with the large economic choices faced by society
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microeconomics-
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deals with small, sometimes individual, economic choices faced within any society
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Scarcity
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not enough stuff-scarce if the amount people demand of the good exceeds the amount that is supplied
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Needs-
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food, clothes, shelter and medicine and safety necessary for survival
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Wants-
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anything other than needs
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Land-
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all natural resources used to produce goods or services
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Goods-
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physical stuff
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Services-
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non-physical and gets used @ the time of purchase (ex: legal & medical system)
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Labor-
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efforts into goods and services
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Wages-
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(money) for labor
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Capital-
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anything ($) to produce goods and services
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Opportunity cost-
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the cost of a decision
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Traditional economics-
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ALL OFFSPRING do the same job
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Market economics-
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nation's economic decisions b/c of individual + FREE choices by buyers and sellers
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Command economics--
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nation's economic decisions b/c of the government decides; people have NO CHOICE
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Communism-
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government owns and operates all means of production of the economic system
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Capitalism-
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private individuals or businesses owns and operates all means of production of the economic system
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Socialism-
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government owns and operates many of the nation's major industries (banks, airlines, telephones, railroads and power plants) BUT ALLOWS individuals to own other businesses, like farms, factories, shops and stores
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Revolution-
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a dramatic change in ideas, practice or government
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