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42 Cards in this Set

  • Front
  • Back
A person that buys goods and services to satisfy their needs and wants
consumers
The term for unlimited wants and limited resources.
Scarcity
Define: Opportunity Cost
The more specific other option
Name the factors of production
Land, Labor, and Captial
Name the term that means "hands off"
Laissez fare
Name the economic system that is controlled by the consumers& buisnesses
market
Name the economic system where the gov. makes the economic decisions
centrally planned(command)
What motivates and individual to produce a product in a market economy?
profit
name 3 characteristics of a market economy
competition, private property, and profit
Who owns a corportation?
Stock holders
Name 2 characteristics of a sole proprietorship
1 owner, limited liability
What is a general partner?
Makes all descions
Name one advantage to owning common stock
get to vote
name the characteristics of a corportation
limited liability, cant vote
define demand
relationship between the price that is charged and the amount that will be bought at that price
how can you illustrate the same info of demand in 2 different forms?
Schedule, curve
What does a demand curve or schedule illustrate?
Law of demand
On a demand curve, how can you show and increase in demand? Or Decrease in demand?
INCREASE:RIGHT
DECREASE:LEFT
Define elastic demand
increases significally as a price goes up or down
Define supplu=y
Total amount of good & services for purchase
What is the law of supply?
Higher price, more supply
How does the cost of production effect supply?
if cost goes up, supply goes down
Name the variable costs
raw materials,wages(labor), energy usage, distribution costs
What is diminishing marginal return?
At some point cant produce product any more effciently
"too many cooks in the kitchen"
Name the market structures
Monopoly, Oligopy, pure competition, monopolistic.
Name the characteristics if a pure monopoly
ONE seller, no substiutors, difficult to enter
Name the characteristics of an oligopy
FEW firms, similiar products. independent firms,
Name the characteristics of monopolistic competition
can offer products that are close, varying in price and can have substitutes, free to enter market
name the characteristics of a pure competion
buyers and sellers are MANY cant control over prices try to maximize income
prosperity
Rising employemnt but rising prices
Define Recession
economic slowdown employment down, GDP down
Define Recovery
Follows after recession, GDP raises
Define Depression
GDP takes derastic drop in lowest cycle
Why is the consumer price index important?
Index of prices used to measure the change of cost of basic goods in companion with a fixed base period
What is fiscal policy?
decisions by the president and congress
who creates fiscal policy?
goverment
What are the tools of the goverment can use to create fiscal policy?
gov, spending,& descrease taxes
what is the FICA?
Federal Insurance Contributions Act
define deficit
insuffiencenty
define national debt
amount of money owed by the govt.
How do banks make a profit?
Collecting fees( Money orders, trans actions, social security, etc.)
What are the characteristics of money?
Durable, Portable, divisbilty, uniformity