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21 Cards in this Set
- Front
- Back
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Economic Problem |
unlimited demand, limited supplies. economics is how that is problem is managed |
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Wants and goods |
Goods - tangible object Wants - is material wants/satisfied by consumption |
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Service |
something someone does |
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Collective wants |
The good services used by community |
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Complementary wants |
generally purchasedtogether |
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re-occurring |
involves repeated consumption |
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public goods are |
non-rivalrous: means if one person can the anyone can access even if others are using it non-excludable: cannot prevent individual from using it |
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Consumer goods |
Final goal is to be consumed |
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Capital goods |
used in production of other goods |
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Intermediate goods |
bricks in buildings can’t be reused, used entirely |
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Land resources |
anything that occurs naturally example wheat apples fish |
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Labour |
human labour teachers doctors |
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Capital resources |
goods used in the production of other goods |
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Opportunity cost |
cost of/loss of resources for another good (goods given up sacrifice) |
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Consumer Sovereignty |
is production decided by command/consumer is King |
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Three questions what to produce/how to produce /for whom |
what to produce- what goods and how much how to- what combinations For whom - who gets access to goods |
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traditional economy |
produce for own use/ traditions availability/ essential needs What -tradition essential needs How: tradition/availability for whom - usually tradition- elders/location |
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market economy |
buyers sellers/capitalism what - consumer sovereignty How- max profit, satisfaction for whom- determined by willingness income |
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planned economy |
cpa - planned what -cpa, makes decision for general public how- cps make decisions based on needs goals for whom - generally equal |
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productivity |
is the increasing amount produced with the resources available/ can have better results with higher productivity (worker with food have increased productivity then those without) |
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efficiency |
being smart leads to better quality utilising every resource, system being exact, efficient at producing amount of resources maintain quality
might be able to do 20 mins quicker mean more efficient but maybe reduced quality so it’s not a productive 20 mins ( using just new machinery and not the using unnecessary old ones that cost too much , getting every measurement right) |
