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30 Cards in this Set
- Front
- Back
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Exchanging one thing for the use of another
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Trade-off
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The value of the next alternative that had to be given up to do the action that was chosen
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opportunity cost
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Economist use ________ to show the maximun combinations of goods and services.
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Production Possibilities Curve
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What is a good example for explaining production poss. curve.
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the trade-off between military defense and civilian goods, or guns and butter.
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BRANCH OF ECONOMIC THEORY THAT DEALS WITH BEHAVOIR AND DECISION MAKING BY SMALL UNITS SUCH AS INDIVIDUALS AND FIRMS.
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MICROECONOMICS
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BRANCH OF ECONOMICS THEORY DEALING WITH THE ECONOMY AS A WHOLE AND DECISION MAKING BY LARGE UNITS SUCH AS GOV.
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MACROECONOMICS
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MEANS ALL THE ACTIVITY IN A NATION THAT TOGETHER AFFECTS THE PRODUCTION, DISTRIBUTION AND USE OF GOODS AND SERVICES.
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ECONOMY
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THEORIES THAT ECONOMISTS USE IN THEIR WORK ARE CALLED ___________ WHICH SIMPLIFIED REPRESENTATIONS OF THE REAL WORLD.
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ECONOMIC MODELS
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AN EDUCATED GUESS??
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HYPOTHESIS
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A WAY OF DETERMINING HOW TO USE RESOURCES TO SATISFY PEOPLE'S WANTS AND NEEDS.
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ECONOMIC SYSTEM
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NAME FOUR ECONOMY
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TRADITIONAL, MARKET, COMMAND, AND MIXED.
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THE VOLUNTARY EXCHANGE OF GOODS AND SERVICES BETWEEN BUYERS AND SELLERS.
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MARKET
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ECONOMIC SYSTEM IN WHICH THE GOV. MINIMIZE ITS INTERFERENCE WITH THE ECONOMY.
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LAISSEZ-FAIRE
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AMERICA IS CONSIDER THIS, TERM MEANING THAT INDIVIDUALS ARE FREE TO OWN AND CONTROL THE FACTORS OF PRODUCTION
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FREE ENTERPRISE SYSTEM
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ADAM SMITH WROTE WHAT BOOK?
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NATURE AND CAUSES OF THE WEALTH OF NATIONS
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WHAT DID ADAM SMITH BELIEVE IN?
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HE BELIEVE THAT INDIVIDUALS, SEEKING PROFIT, END UP BENEFITING SOCIETY AS A WHOLE;SELF - INTEREST
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WHAT ARE THE SIX NATIONAL GOALS OF AMERICA?
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FREEDOM, EFFICIENCY, EQUITY, SECURITY, STABILITY,AND GROWTH.
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THE MATERIAL WELL-BEING OF AN INDIVIDUAL, GROUP, OR NATION
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STANDARD OF LIVING
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PRODUCING INCREASING AMOUNTS OF GOODS AND SERVICES OVER THE LONG TERM.
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ECONOMIC GROWTH
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WHAT ARE THE THREE BASIC QUESTION OF ECONOMIC QUESTION?
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1. WHAT GOOD AND SERVICES SHOULD BE PRODUCED?
2. HOW SHOULD THEY BE PRODUCED? 3. WHO SHOULD SHARE IN WHAT IS PRODUCED? |
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WHAT IS TRADITIONAL ECONOMY?
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BASED ON CUSTOMS AND BELIEF HANDED DOWN FROM GENERATION TO GENERATION.
*ALWAYS DONE IT THAT WAY |
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WHAT IS COMMAND ECONOMY?
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GOV. LEADERS CONTROL THE FACTORS OF PROCDUCTION AND THEREFORE, MAKE ALL DECISIONS ABOUT THEIR USE.
*TELL YOU WHAT TO DO |
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WHAT IS MARKET ECONOMY?
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INDIVIDUAL LOOKING OUT FOR THEIR OWN AND THEIR FAMILIES' BEST INTEREST MAKE THE ECONOMIC DECISIONS.
*CHOICES |
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WHAT IS THE SIX MAJOR CHARACTERISTICS
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1. LITTLE OR NO GOVERNMENT
2. FREEDOM OF ENTRPRISE 3. FREEDOM OF CHOICE 4. PRIVATE PROPERTY 5. PROFIT INCENTIVE 6. COMPETITION |
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HAS PRIVATE INDIVIDUALS OWNING THE FACT. OF PROD. BUT USING THEM WITHIN THE LIMITS OF THE LAW
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CAPITALISM
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THE DESIRE THAT MOTIVATE ENTREPRENEUR TO ESTABLISH NEW BUSINESSES, EXPAND EXISTING ONES, AND CHANGE THE KINDS OF GOODS AND SERVICES PRODUCED.
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PROFIT INCENTIVE
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ONE OF THE MOST IMPORTANT CHARACTERISTICS OF CAPITALISM IS THE EXISTENCE OF _________________.
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PRIVATE PROPERTY
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THE GOAL OF ________________ _________ IS TO ALLOW EACH MEMBER OF SOCIETY TO MAKE CHOICES
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ECONOMIC FREEDOM
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WISE USE OF AVAILABLE RESOURCES SO THAT COSTS DO NOT EXCEED BENEFITS.
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ECONOMIC EFFICIENCY
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THE ATTEMPT TO BALANCE AN ECONOMIC POLICY SO THAT EVERYONE BENEFITS FAIRLY.
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ECONOMIC EQUITY
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