Reading...
Play button
Play button
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;
20 Cards in this Set
- Front
- Back
|
Economics
|
-social science concerned with how resources are used to satisfy people’s wants
-the way an economist thinks -"the science of choice" |
|
|
Resources
|
the inputs that are used in production (includes natural resources [minerals, timber, rivers], labor, and capital [machinery])
|
|
|
Scarcity
|
limited resources for production relative to the demand for goods and services
|
|
|
Factors of production
|
another name for productive resources of land, labor, and capital
|
|
|
Land
|
all natural resources, including fields, forces mineral deposits, the sea, and other gifts of nature
|
|
|
Labor
|
all human resources, including manual, clerical, technical, professional, and managerial labor
|
|
|
Capital
|
means of production, including computers, buildings, machinery, and tools; alternatively, it can mean financial capital, the money used to acquire the factors of production
|
|
|
Entrepreneur
|
business innovator who sees the opportunity to make a profit from a new product, new process, or unexploited raw material and then brings together the land, labor, and capital to exploit the opportunity
|
|
|
Technology
|
body of skills and knowledge that comprises the processes used in production
|
|
|
Financial capital
|
money to acquire the factors of production
|
|
|
Economic reasoning
|
application of theoretical and factual tools of economic analysis to explaining economic developments or solving economic problems
|
|
|
Free good
|
production or consumption good that does not have a direct cost
|
|
|
Economic good
|
any good or service that sells for a price; that is, a good that is not free
|
|
|
Institutions
|
decisions-making units , established practices, or laws
|
|
|
Economic concept
|
word or phrase that conveys a economic idea
|
|
|
Economic model
|
simplified representation of the cause-and-effect relationships in a particular situation. Models may be in verbal, graphic, or equation form.
|
|
|
Time series
|
The changes in the values of a variable over time; a chart in which time (years) is one of the variables.
|
|
|
Direct relationship
|
A relationship between two variables in which their values increase and decrease together.
|
|
|
Inverse relationship
|
A relationship between two variables in which he value of one decreases as the value of the other increases.
|
|
|
Ceteris paribus
|
other things being equal (pretend factors not being studied are equal, common assumption used in economic models and concepts.)
|
