• Shuffle
    Toggle On
    Toggle Off
  • Alphabetize
    Toggle On
    Toggle Off
  • Front First
    Toggle On
    Toggle Off
  • Both Sides
    Toggle On
    Toggle Off
  • Read
    Toggle On
    Toggle Off
Reading...
Front

Card Range To Study

through

image

Play button

image

Play button

image

Progress

1/31

Click to flip

Use LEFT and RIGHT arrow keys to navigate between flashcards;

Use UP and DOWN arrow keys to flip the card;

H to show hint;

A reads text to speech;

31 Cards in this Set

  • Front
  • Back
Economics
the study of the choices that people make to satisfy their wants and needs
Needs
anything necessary for survival
Wants
anything consumed beyond what is necessary for survival
Microeconomics
the study of the choices made by economics actors such as households, companies, and individual markets
Macroeconomics
examines the behavior of entinre economics
Consumers
a person who purchases goods and services
Producer
a person who supplies good and services
Factors of production
natural resources
human resources
capital resouces
management resources- entrepreneurship
Natural resources
items provided by nature that can be used to produce goods and to provide services
Capital resources
The manufactured materials used to create products
Human resources
ministers, teachers, workers at Price Chopper
Entrepreneurship
person starting a new business
Scarcity
combination of limited resources and unlimited wants
Allocate
to distribute
Productivity
level of output that results from a given level of input
Efficiency
The use of the smallest amount of resources to produce the greatest amount of output
Division of Labor
assigning a small number of tasks to each worker so that workers gain expertise in these areas
Specialization
focusing on one activity for each worker to increase efficiency
Trade off
a sacifice that is made
Opportunity Cost
the value of the next best alternative given up to obtain something else
Production possibilities curve (PPC)
shows all the possible combinations of two goods or services that can be produced within a state time period
Barter
direct trade
for example trade your soda for his cookies
Money
any item that is readily accepted by people in return for goods and services
Credit
allows consumers to use items before completing payment
Value
can be expressed as an amount of money or a price
Utility
usefulness
Self-sufficiency
people or a society fulfill all of their needss without outside help
Interdependence
events in one area influence events in another area
Capital Goods
raw materials used to produce finished products
Exchange
producers and consumers agree to provide one type of an item in return for another
Three economic questions
What to produce
How to produce
For whom to produce