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12 Cards in this Set
- Front
- Back
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scarity |
the state of being scarce or in short supply;shortage. known as fundamental econnomic problem |
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Economics |
the social science that seeks to describe the factors which determine the production,distribution and consumption of goods and services |
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wants |
goods or services that are not necessary but that we desire or wish for |
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needs |
goods or services that are requried to surive |
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factors of production |
an economic trm to describethe inputs that are used i the proudction of goods or services in attempt to make an economic profit |
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land |
comprises all naturally occuring resources whose supply os inherently fixed |
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labor |
labor repreaents the human capital avaiable to transform raw or national resources into consumer goods |
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capital |
monteary and physical resources compains use to purchase natural resources,land and other capiyal goods |
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entrepreneur |
individuals who have an idea for creating a valuable good or service and assume the risk involved with transforming economic resources into consumer products |
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market economy |
an economy in which decisions regarding investment, production,and distribution are based on supply and demand,and prices of goods and services are determined in a free price system |
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command economy |
econmic system in which the means of prouduction are publicy owned and econmic activity is controlled by a central plning authority |
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traditional economy |
is as an original econmic system in which traditions,custom,and beliefs shape the goods and theservices the economy produces,as well as the rules and manner of theris distrubiton |
