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;
25 Cards in this Set
- Front
- Back
|
GOODS |
TANGIBLE ITEMS OF VALUE |
|
|
SERVICES |
INTANGIBLE ITEMS OF VALUE VALUE |
|
|
CONSUMERS |
PEOPLE WHO BUY GOODS AND SERVICES FOR PERSONAL USE |
|
|
ECONOMICS |
THE STUDY OF HOW PEOPLE AND SOCIETIES USE LIMITED RESOURCES TO SATISFY THEIR UNLIMITED WANTS |
|
|
SCARCITY |
THE CONDITION THAT RESULTS FROM THE IMBALANCE BETWEEN UNLIMITED HUMAN WANTS AND THE RELATIVELY LIMITED RESOURCES AVAILABLE FOR SATISFYING THOSE WANTS |
|
|
FACTORS OF PRODUCTION |
THE INGREDIENTS THAT GO INTO THE PRODUCTION OF GOODS AND SERVIES |
|
|
HUMAN RESOURCES |
THE PEOPLE WHOSE EFFORTS AND SKILLS GO INTO THE PRODUCTION OF GOODS AND SERVICES |
|
|
NATURAL RESOURCES |
MATERIALS OBTAINED FROM THE LAND, SEA AND AIR |
|
|
CAPITAL RESOURCES |
THE MACHINES, TOOLS AND BUILDING WE USE TO PRODUCE GOODS AND SERVICES |
|
|
ENTREPRENEURSHIP |
THE PROCESS BY WHICH INDIVIDUALS CREATE NEW ENTERPRISES OR IMPROVE EXISTING ONES |
|
|
TRADE-OFF |
WHEN ONE THING IS GIVEN UP IN ORDER TO OBTAIN SOMETHING ELSE |
|
|
MARGINALISM |
THE ADDING OF ONE MORE ITEM TO THE PRODUCTION OF A GOOD OR SERVICE |
|
|
TRADITIONAL ECONOMY |
A SYSTEM IN WHICH RESOURCES ARE ALLOCATED ACCORDING TO THEIR CULTURE AND CUSTOMS, AND PEOPLE MAKE A LIVING IN THE SAME WAY AS THEY HAVE DONE FOR A LONG TIME |
|
|
COMMAND ECONOMY |
A SYSTEM IN WHICH DECISIONS TO ALLOCATE RESOURCES ARE MADE BY THE GOVERMENT |
|
|
MARKET ECONOMY |
A SYSTEM OF WHICH THE ALLOCATION OF RESOURCES IS DETERMINED BY THE FREE OPERATION OF THE FORCES OF SUPPLY AND DEMAND AND MARKET PRICES |
|
|
OPPORTUNITY COST |
THE COST OF PASSING UP THE NEW BEST ALTERNATIVE WHEN MAKING A DESISION |
|
|
DEDUCTIONS |
AN EXPENSE SUBTRACTED FROM ADJUSTING GROSS INCOME WHEN CALCULATING TAXABLE INCOME |
|
|
GROSS INCOME |
AN INDIVIDUAL'S TAXABLE INCOME BEFORE ANY APPROPRIATED ADJUSTMENTS ARE MADE |
|
|
NET INCOME |
THE AMOUNT OF PAY RECEIVED AFTER ALL DEDUCTIONS HAVE BEEN SUBTRACTED FROM THE INITIAL EARNED SALARY AMOUNT |
|
|
HUMAN CAPITAL INVESTMENT |
THE INVESTMENT IN A PERSON'S EDUCATION, TRAINING, OR SKILLS DEVELOPMENT |
|
|
BUDGET |
A SPENDING PLAN AND A LIST OF SPENDABLE FUNDS |
|
|
WANTS |
GOODS AND SERVICES THAT AN INDIVIDUAL WOULD LIKE TO HAVE |
|
|
NEEDS |
GOODS AND SERVICES THAT AN INDIVIDUAL MUST HAVE TO SURVIVE |
|
|
FIXED EXPENSES |
EXPENSE THAT DO NOT GENERALLY CHANGE FROM MONTH TO MONTH |
|
|
VARIABLE EXPENSES |
EXPENSES THAT VARY FROM MONTH TO MONTH |
