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20 Cards in this Set
- Front
- Back
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The study of how people choose to use scarceresources to satisfy unlimited wants |
Economics |
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Benefit gained from use or service is called |
Utility |
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The value you have to give up when make a decision |
Opprotunity Cost |
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4 Factors of Production |
Land labor capital Entrapanuership |
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Every choice costs something |
No such thing as free lunch |
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Which term explains economics as it is, not as itshould be? |
Positive Economics |
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Basic Economic Problem |
Scarcity |
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Women tend crops and raise children and men hunt |
Traditional |
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Government deciding the distribution of allresources is a feature of what type of economy?
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Command Economy |
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An economic system in which people have freewill to participate in the market as they choose iscalled…
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Market Economy
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How are public goods Funded |
Government (Taxes) |
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An externality is a side effect of a transaction thataffects whom? |
Someone other than the buyer or seller |
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Examples of positive Extranality |
Education, Flu shots |
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Examples of negative Extranality |
Pollution , second hand smoke |
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What 2 factors are necessary for demand?(What is the definition of demand?) |
The desire for the good and the ability to pay for it.
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Law of Demand ? |
As price increases, quantity demanded decreases,as price decreases, quantity demanded increases.
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An actress sets off a craze for wearingcamouflage clothing among her fans. What factor is affecting demand?
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Consumer Taste |
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Which economic concept is defined as themeasure of how responsive consumers are to price change?
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Elasticity of demand
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Name a product that would likely have inelasticdemand? |
Gas cigs drugs |
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What is the definition of supply?
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The willingness and ability of a producer toproduce a good.
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