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21 Cards in this Set
- Front
- Back
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Who wrote "The Wealth Of Nations"? |
Adam Smith |
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What is an economic enigma? |
a problem to be solved OR an economic problem to be solved |
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Economics has traditionally been defined as the study of what? |
how we use our limited resources to satisfy our limited wants |
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What is the difference between macro and micro economics? |
micro economics- an economy of a family, individual, or a business macro economics- an economy of the world, a state, or a country |
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What do we call anything that is used to produce a product? |
a resource (oil, trees, salt, water) |
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What does scarcity mean? |
a limited resource once its gone its gone forever like coal and oil (nonrenewable) |
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What is the difference between a good and a service? |
good- a thing, physical object (massage chair, glasses, building) service- is done by someone else (teacher, workers) |
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What is a shortage? |
something that is gone temporarily OR goes away for a while and comes back (iPhone, fprest, trees) |
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What is the difference between shortage and scarcity? |
a shortage is temporary and scarcity is gone forever |
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What is the difference between inputs and outputs? |
inputs are the resources that go into the process and outputs are the good/service that come out (tress are the input and paper is the output) |
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What do we call a person who invents and creates new businesses? |
an entrepreneur |
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What is the difference between renewable and nonrenewable resources? |
a renewable resource can be replaced once its gone (water and trees), a nonrenewable resource mean that once its gone, its gone forever (coal and oil) |
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What is a human capital? |
the measure of how much education, experience, and training you get |
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What is physical capital? |
physical things that help produce goods |
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What is productivity? |
measure of output per unit of input |
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What are the 3 factors of preduction? |
land, labor, and capital |
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What is utility? |
the pleasure or satisfaction you get from consuming a good or service |
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What is a tradeoff? |
choosing one thing over another (Mick Jagger chose music over education) |
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What is the guns vs butter tradeoff? |
gun is the military and the butter is social service |
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What is opportunity cost? |
the value of the second best option OR the value of the second best option |
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What is the difference between marginal and negative utility? |
marginal is the lack of pleasure or satisfaction you get. negative utility is the lack of pleasure or satisfaction |
