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16 Cards in this Set
- Front
- Back
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Economics |
the study of how individuals and societies make decisions about ways to use scare resources to fulfill wants and needs |
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Scarcity |
the principle that limited amounts of goods and services are available to meet unlimited wants |
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Opportunity Cost |
most desirable alternative given up as the result of a decision |
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Human Capital |
brainpower, ideas, innovation, experience, education |
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Economic System |
the structure of methods and principles that a society uses to produce and distribute goods and services |
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Economic Efficiency |
making the most of available resources |
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Standard of living |
level of economic prosperity and comfort |
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Bartering |
the direct exchange of one set of goods or services for another; trading without using money |
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Collectives |
state farms leased to peasant farmers who were required to produce for the government |
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Public Good |
a shared good or service for which it would be inefficient or impractical to make consumers pay individually and to exclude those who didn't pay |
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Business cycle |
a period of macroeconomic expansion, or growth, followed by one of contraction, or decline |
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Patent |
gives the inventor of a new product the exclusive right to produce and sell it for 20 years |
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Copyright |
grants an author exclusive rights to publish and sell creative works |
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Public Sector |
the part of the economy that involves the transactions of the government |
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Externality |
economic side effect of a good or service that generates benefits or costs to someone other than the person deciding how much to produce or consume |
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Welfare |
general term that refers to government aid to the poor |
