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37 Cards in this Set
- Front
- Back
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Scarcity |
Problem facing all societies scarce resources unlimited Needs & Wants |
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Economics |
Social science seemingly unlimited wants careful use of scarce resources |
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Need |
Basic requirement for survival |
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Want |
We would like to have |
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Good |
product that is useful |
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Durable good |
Last 3 years |
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No durable |
Less than 3 years |
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Consumer good |
Intended for final use by consumers |
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Capital Good |
Manufactured good used to produce another good and services |
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Service |
Work or labor performed for someone |
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Value |
Worth |
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Paradox of value |
High value of a nonessential item and the low value of a essential item |
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Utility |
Ability or Capacity of a good or service to be useful |
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Wealth |
Sum of a tangible economic good excludes services |
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Gross domestic product |
Value of all Final goods in a country during 1 year period |
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Factors of production |
4 factors of production. Land, capital, labor, entrepreneurship |
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Land |
Gift of nature |
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Capital |
Tools ,equipment and factories used in production |
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Labor |
People with all their abilities and efforts |
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Entrepreneurs |
Risk-taking individuals |
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Production possibilities curve |
Possible combinations of good and services a economy can produce |
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Opportunity cost |
Next best alternative use of money time or resources |
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Trade-offs |
Alternatives that must be given up |
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Consumerism |
Promoting the interests of consumers |
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Economic growth |
Increase in a nation's total output |
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Productivity |
Amount of output produced in a specific time period given amount of resources |
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Human capital |
Sum of people's skills, abilities , health and motivation |
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division of labor |
Division of work into a number of separate tasks |
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Specialization |
Assignment of tasks and performed them most efficiently |
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Economic interdependence |
Mutual dependence of economic activities |
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Market |
Which buyers and sellers of an economic product come together |
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Factor markets |
Productive resources are bought and sold |
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Product market |
Good and services are bought and sold |
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Economic model |
Graph, figure, equation or diagram |
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Cost-benefit Analysis |
Cist of an action to its benefits |
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Free enterprise economy |
Private own business |
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Standard of living |
Quality of life |
