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44 Cards in this Set
- Front
- Back
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INCOME
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1 - MONEY HOUSEHOLDS REC IN EXCHANGE FOR RESOURCES
2 - FUNDS BUSINESSES RECEIVE FOR SUPPLYING GOODS AND SERVICES |
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CAPITALISM
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A MARKET BASED ECONOMIC SYSTEM IN WHICH INDIVIDUALS OWN AND CONTROL THE FACTORS OF PRODUCTS.
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NATURAL RESOURCES
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In economics, any materials provided by nature that can be used to produce goods or services.
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EFFICIENCY
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The production of goods and services using the smallest amount of resources for the greatest amount of output.
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DIVISION OF LABOR
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The division of a complex procedure into small tasks, enabling workers to increase output through specialization.
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STANDARD OF LIVING
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People's economics well being as determined by the quantity of goods and services they consume in a given time period.
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MONEY
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An item, typically currency, that is commonly excepted in exchange for goods, services or the settlement of debts.
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UTILITY
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The usefulness of the goods or service that contribute to its value.
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COMMUNISM
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Economic system in which the gov't owns or controls nearly all factors of production. Also known as authoritatian socialism.
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SCARCITY
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The fundamental condition of economics that results from a combination of limited resources and unlimited wants.
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OPPORTUNITY COST
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The value lost by rejecting one use of resources in favor of another - an action's opportunity cost is the value of the next-best alternative action that is not taken.
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FREE ENTERPRISE
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System in which private businesses operate with minimal gov't involvement.
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CAPITAL RESOURCES
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A item that is used in production of other goods and services.
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ECONOMICS
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The study of how society chooses to use scarce resources to satisfy its unlimited wants and needs.
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MARKET ECONOMY
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AN ECONOMY IN WHICH THE GOV'T HAS LITTLE SAY IN WHAT, HOW AND FOR WHOM GOODS ARE PRODUCED AND IN WHICH THE FACTORS OF PRODUCTION ARE OWNED BY INDIVIDUALS.
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PRIVATE PROPERTY
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Property that is owned by individuals and businesses rather than the gov't.
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FACTOR OF PRODUCTION
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A resource used to produce goods and services.
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SPECIALIZATION
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The focus of a worker on only one, or a few, aspects of productions in order to improve efficiency.
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COMPETITION
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In businesses, a state of rivalry among sellers of the same or similar products, in which each seller tries to gain a larger share of a market and to increase profits.
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BARTER
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The direct exchange of goods and services without the use of money.
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CREDIT
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A form of exchange that allows consumers to use items with a promise of repayment over a specified time.
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PRICE STABILITY
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The condition that exists when overall price levels remain relatively constant over a period of time.
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CONTRACT
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A legally binding agreement either, oral or written, between individuals such as to buy and sell goods and services.
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DEMOCRATIC SOCIALISM
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An economic system in which some means of producing and distributing goods are owned or controlled by an elected gov't.
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SELF-INTEREST
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The impulse that encourages people to fulfill their needs and wants.
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MARKET
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The free exchange of goods and services, also called the marketplace.
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MARKET SYSTEM
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An economic system in which the three basic economic questions are answered by individuals and businesses.
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SELF-SUFFICIENT
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The ability to fulfill all of ones needs without assistance.
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EXCHANGE
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The process by which producers and consumers agree to provide one type of item in return for another.
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TRADE-OFF
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The sacrifice of one good in order to purchase or produce another.
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PRODUCTIVITY
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The level of output that results from a given level of input.
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ENTREPRENEURSHIP
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Someone who undertakes and develops a new business enterprise or develops a new product risking failure or loss of the possibility or financial gain.
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CONSUMER GOODS
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A finished product that is consumed by an individual.
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HUMAN RESOURCES
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Any human activity mental or physical used in a production process. Hands on labor
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SERVICES
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Any action or activity that is performed for a fee.
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PRODUCERS
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A person group or business that makes goods or provides services to satisfy customers needs and wants.
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MICROECONOMICS
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The study of a single factor of an economy such as individuals, households, businesses and industries rather than an economy as a whole.
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RESOURCES
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Anything used to produce goods or services.
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AUTHORITARIAN SOCIALISM
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An economic system in which the gov't owns or contnrols nearly all factors of production also known as communism.
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PRICE STABILITY
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A situation in which the prices in an economy do not change over time. The economy will not experience inflation or deflation. It is not common for an economy to have price stability.
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ECONOMIC STABILITY
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An economy with a fairly constant output growth and has a low and stable inflation.
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PRODUCTS
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Anything that can be offered to a market that might satisfy a want or need In retail, products are called merchandise. In manufacturing, products are purchased as raw materials and sold as finished goods. Commodities are usually raw materials such as metals and agricultural products.
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ECONOMIC EQUITY
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An economy in which the apportionment ,(the division and sharing carried out according to a plan or formula.), of goods and services among the people is considered fair.
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ECONOMIC SYSTEM
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A system in which a state or nation assigns its resources and apportions, (the division and sharing carried out according to a plan or formula), goods and services in the national community.
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