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45 Cards in this Set
- Front
- Back
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103 |
scarcity inability to satisfy all wants at the same time, all resources are limited |
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104 |
What will be produced? Who will produce it? For whom will it be produced? How many? |
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105 |
factors of production that are used in producing goods and services such as land,minerals, water, etc. |
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106 |
factors of production that are used in producing goods and services such as land,minerals, water, etc. |
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107 |
factors of production that are used in producing goods and services such as labor, skills,training, etc. |
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108 |
Money, machines and tools used to produce things |
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109 |
Person who takes a risk to produce goods and services in search of profit |
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110 |
Person who takes a risk to produce goods and services in search of profit |
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111 |
selecting an item or action from a set of possible alternative |
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112 |
what is given up when a choice is made to use scarce resources for one purposeinstead of another, the highest valued alternative that is forgone |
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113 |
something that motivates someone to act, used to change economic behavior |
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114 |
amount of money exchanged for a good or service determined by the interaction of supply and demand influences who acquires goods and services |
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115 |
Amount of a good or service that producers are willing and able to sell at a certain price |
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116 |
Amount of a good or service that producers are willing and able to sell at a certain price |
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117 |
Amount of a good or service that consumers are willing and able to buy at a certain price |
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118 |
Using goods or services |
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119 |
Combining of human, natural, capital and entrepreneurship resources to make goods orprovide services. |
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120 |
Entrepreneurship Human resources Natural resources Capital resources |
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121 |
Economic decisions are based on custom and historical precedent People often perform the same type of work as their parents and grandparents, regardless of ability or potential |
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123 |
government ownership of property & resources centrally-planned economy Government controls what is produced lack of consumer choice |
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124 |
private ownership of property & resources profit is goal competition consumer sovereignty individual choice supply & demand determine market price |
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115 |
government and the market forces share in the making of economic decisions more government role for public sector and individuals and businesses for private sector |
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117 |
People determine what goods and services will be produced through what they arewilling to purchase |
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128 |
Rivalry between producers/sellers of goods or services results in better quality goods andservices at a lower price |
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129 |
Earnings after all expenses have been paid |
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130 |
individuals and businesses have the right to own land, machinery, buildings and themeans of producing goods goods and services may be produced and sold for personal profit |
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131 |
Form of business with one owner who takes all the risks and gains all the profits |
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134 |
Form of a business with two or more owners who share the risks and profits |
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135 |
form of business organization authorized by law to act as a legal person many owners have shares of the business and share in profits |
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136 |
owners’ liability is limited to their investment so there is less risk |
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138 |
Continuous movement between resources, goods and services, and money amonghouseholds, businesses and markets individual and business saving and investment provide financial capital capital is borrowed for business expansion individuals (households) own the resources, sell the resources, and use the income to purchase products. businesses (producers) buy resources; make products that are sold to individuals, and use the profits to buy more resources |
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139 |
Continuous movement between resources, goods and services, and money amonghouseholds, businesses and markets individual and business saving and investment provide financial capital capital is borrowed for business expansion individuals (households) own the resources, sell the resources, and use the income to purchase products. businesses (producers) buy resources; make products that are sold to individuals, and use the profits to buy more resources |
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140 |
banks, savings and loans, credit unions, and securities brokerages receive deposits and make loans encourage saving and investing by paying interest on deposits |
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142 |
Fee paid for the use of money |
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143 |
central bank of the United States (“fed”) issues currency regulates the amount of money in circulation controls interest rates goal is to maintain a stable economycentral bank of the United States (“fed”) issues currency regulates the amount of money in circulation controls interest rates goal is to maintain a stable economy |
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145 |
Goal is to lessen excess funds available for private and business spending Decrease government spending Tax increase Government borrows more by selling |
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146 |
Goal is to increase funds for private and business spending Decrease government borrowing (sell less bonds) Increase government spending May create more demand and production May increase employment |
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147 |
Money the government collects from citizens and businesses to provide public services |
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177 |
Sources of government funds including Taxes Borrowing funds through selling bonds Licenses, fines and intergovernmental for state and local |
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148 |
Excess of government expenses over revenues |
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149 |
FCC (Federal Communications Commission)- radio, television, newspapers EPA (Environmental Protection Agency)- pollution, natural lands FTC (Federal Trade Commission)-advertising, packaging, buying & selling |
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150 |
obtain goods and services they cannot produce or produce efficiently themselves buy goods and services at a lower cost or lower opportunity cost sell goods and services to other countries often greater employment, though may shift location of workforce |
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151 |
enforcing antitrust legislation to discourage monopolies engaging in global trade supporting business start-ups |
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152 |
Gives Congress the power to collect income taxes from individuals & businesses |
