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22 Cards in this Set
- Front
- Back
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Know the definition of Scarcity
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Not having enough productive resources to satisfy wants.
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Know the definition of Factors Of Production
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Human resource, capital resources, and Natural Resources
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Know the definition of Economics
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Study of how society
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Know the definition of Tradeoffs
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Guns or butter
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Know the definition of Opportunity Cost
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What must be given up
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Identify human resources
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Human effots to produce goods and services
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Identify natural resources
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Gifts of nature. Renewable and exhaustible
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Identify capital resources
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Human ????? used in producing goods
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Identify goods
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Physical item requires scarce goods
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Identify services
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Non physical ??? that requires scarce resources.
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Identify normative statement
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Opinion
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Identify positive statement
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Fact
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What is the "economic problem"?
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Unlimited wants, scarce resources
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What is the purpose of economic theory?
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Make predictions of real world
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Explain rational self interest
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Making best choice given info
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What are the four types of market participants
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Households, governments, world, firms
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What are the three economic question?
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What to produce?
How to produce? For whom to produce? |
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Explain pure market economy and its flaws?
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No government. Private owned. Laissez faire. Invisible hand. Monopolis. No public goods.
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Explain pure centrally planned economy and its flaws?
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The economy is totally controlled by government. Public ownership. Visible hand. Inefficient priority
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Absolute advantage
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Ability to do something with fewer resources
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How can you earn money with stocks?
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Earn dividend sharing
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What are dividends?
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Cash paid from companies
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