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34 Cards in this Set

  • Front
  • Back

Economics

The study of the choices people and societies make to satisfy their needs and wants with limited resources.

Microeconomics

The study of economic behavior and decision-making in small units.

Macroeconomics

The study of economic behavior and decisions in a nation's whole economy.

Needs vs. Wants

Essential for survival vs. Something that is desired

Allocate

Distribute

Shortage

Consumers want more of a good or service than producers are willing to provide.

Consumer Goods

Finished products that people buy for personal use.



Factors of Production

Land, Labor, Capital

Land

Natural resources.

Labor

Human effort exerted for production.



Capital goods

Human made resources that are used to produce other goods for businesses.

Entrepeneurship

Owning a business or creating a product.

Productivity

The level of output that results from a given level of input.

Efficiency

The smallest amount of resources to produce the greatest output.

Trade-Offs

Giving up one benefit to gain another; sacrifice

Opportunity Cost

The value of the item that is sacrificed in a trade-off.

Marginal Cost

The extra cost of adding one unit


ex. hiring an additional worker

Marginal benefit

The extra benefit of adding one unit.

Production Possibilities Curve

Shows all possible combinations of goods and resources that can be produced.

Specialization

The focus of a worker on only one aspect.

Utility

Usefulness

Three Basic Economic Questions

What to produce, How to produce, For whom to produce?

Types of Exchange

Credit, Money, Bartering.

Traditional Economy

Oldest and simplest type involving hunting and farming. Small, isolated community. Ex. tribes

Free Market

Synonym: Capital


Individual based economy with a lot of economic freedom and a wide variety of goods and services


Ex. USA

Centrally Planned Economy

Synonym: Command economies


The government determines the economy, and leaves little to no individual choice.


Includes socialism and communism

Mixed Economies

All economies have principles of others tied in. There are no pure traditional, free-market, or command economies.

Socialism

Command economy. Government controlled, but allows for some flexibility in economic systems and practices. Limited democratic principles

Communism

Government controlled, Authoritarian government. Little to no individual choice and freedom.

Factor Market

The buying of Factors of Production for businesses.

Product Market

The buying of products through the use of prices.

Interdependence

Individuals or society rely on each other

Self sufficiency

Individuals or society are dependent on themselves

Economic Goals for the U.S.



  1. Freedom
  2. Security
  3. Equity
  4. Growth
  5. Efficiency