• Shuffle
    Toggle On
    Toggle Off
  • Alphabetize
    Toggle On
    Toggle Off
  • Front First
    Toggle On
    Toggle Off
  • Both Sides
    Toggle On
    Toggle Off
  • Read
    Toggle On
    Toggle Off
Reading...
Front

Card Range To Study

through

image

Play button

image

Play button

image

Progress

1/23

Click to flip

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;

23 Cards in this Set

  • Front
  • Back

Wants

Desires that can be satisifked by consuming a good or service

Needs

Thi bgs necessary for survival


Food clothing shelter

Scarcity

Exists when there are not enough resources to satisfy human wants

Economics

The study of how individuals and societies satody their unlimited wants with limited resources

Factors of production

The resources needed to produce goods and services

Land

Refers to all natural resources used to produce goods and services


Forests water minerals

Labor

Is all of human effort used to produce goods and services

Capital

All the resources made and used by people to produce goods and serviices

Entrepreneurship

Involves the vision skills and risk taking needed to run business

Incentives

Methods used to encourage people to take certain actions

Utility

The benefit or satisfaction received from using a good or service

Economize

Make decisions according to the best combination of costs and benefits

Trade-off

Is the alternative people give up when they make choices

Opportunity cost

The value of something that ijs gojven up to get something else that is wanted

Cost-benefit analysis

Is an approach that weighs the benefits of an action agaijnst it's costs

Marginal cost

The additional cost of using one or.more unit of product

Marginal benefit

The additional satisfacriokn from using one or more unit of a product

Production possibilities curve

Graph to show the impact of scarcity on an economy

Law of increasing opportunity costs

States that as production switches frolm one product to another increasing amoujnts of resources are needed to jncrease production of the second product

Microeconomics

Study of individuals families and businesses jn econ


Prices costs profits competition behavior of coknsumers and producers

Macroeconomics

The study of the economy of a whole and is concerned with large scale econ activity


Inflation rise in prices unemployment

Positive econ

Eco as it js

Normative econ

Involves judgements of what econ behavior ought to be