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28 Cards in this Set
- Front
- Back
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Economics
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Allocations of scarce or limited resources among unlimited wants and desires
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Limited Economic Resources
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Labor
Land Capitol Entrepreneur |
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Productivity of Labor
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Output for each labor
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Land resources
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Resources of territory: oil, minerals, water, and forest
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Capitol
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Tools of production
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Entrepreneur
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ideas
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Factors of production
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ur limited resources: land capitol, labor, entrepreneur
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GDP
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Gross Domestic Product
National Income |
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Micro
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Individual economic factors
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Macro
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Economy as a whole, nationwide issues
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Positive
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Scientific – based on facts data
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Normative
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Theory – personal opinion
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Self Interest
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Whatever you want – Adam Smith
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Opp. Cost
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What you give up to get more of something else
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Market
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Anywhere trade takes place
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Demand curve
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the relationship between price and quantity demanded
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Shift to the Left for Demand
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decrease
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shift to the right for demand
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increase
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Demand shifters
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income
price of related goods tastes expectations # of buyers |
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supply curve
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a relationship between the price of a good and the quantity supply
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supply shifters
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how much it cost to make
technology taxes # of sellers |
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equilibrium price
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the place where suppy and demand meet
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surplus
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quantity supplied is greater than quantity demanded
price is lower |
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shortage
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price is low and consumers demand more than what is being supplied
price is raised |
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GDP
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is the market value of all final goods and services produced within a country in a given period of time
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market value
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final price with taxes
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final good
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the finished product
the tire is not counted twice car |
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GDPs 4 components
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Consumption spending by households
Investments govt. purhases exports - imports |
