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33 Cards in this Set

  • Front
  • Back
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Scarcity

Basic Economic Problem that results from a combination of limited resources and unlimited wants

Wanting a lot not having enough

Factors of Production

Resources of land labor capital and entrepreneurship used to produce food and service

Think about the farmer

Opportunity Cost

Vale of the next best alternative given up for the alternative that was chosen

What is it going to cost you to leave this ?

Macroeconomics

The branch of economics dealing with the economy as a whole and decision-making by large units such as government

Who governs everyone ? (The president, branches )

Command Economy

Type of economy where the government controls the factors of production and makes all the decisions of the use

Who is always in Comand of the us

Microeconomics

The branches that deal with smaller units such as individuals and firms

Micro = little

Laissez-Faire

Economic System where the government minimizes their interference with the economy

Let things be the way they are without interfering

Usury law

Law restricting the amount of interest that can be changed for credit

How much interest for credit?

Collateral

Something of value the barrow let's the lender claim if a loan if it is not repaired

A refrigerator

Annual percentage rate

Cost of credit expressed as a yearly percentage

How much is it for the year

Bait and Switch

Ad that attracts consumers with low priced product then tries to sell them higher priced products

Ad&switch

Competitive advertising

Advertisement that attempts to persuade consumers that a product is different from and Superior to any other

Coke & pepsi

Economic equity

The attempt to balance an economic policy so that everyone benifits fairly

Equity=equally

Profit incentive

Desire to make money that motivates people to produce and sell goods and services

Profit=money // incentive =intiative

3 major types of economic systems

Traditional - do things they have always been done


Command- government


Market-everyone does whatever they want

Do things how they've always been // government // The U.S

Six important characteristics of enterprise

limited role of government , freedom of Enterprise, Freedom of Choice , profit incentive , competition, private property

Uhh..

Three goals of free-enterprise system

Freedom , efficiency and growth

What are 2 types of advertising

Competitive and informative

What type of goods do people typically use installment debt to buy?

Durable goods because they will last longer

How does finance charge differ from an annual percentage rate?

Find A change is the monthly credit in cash and annual percentage rate is the yearly rate and percentage

What are six basic lending institutions in our economy?

Commercial Banks, saving and Loan associations, saving banks, credit union Finance Company, consumer finance companies

What does the Equal Credit Opportunity Act of 1974 prohibit?

Discrimination on the people wanting credit based on race, religion, national origin, gender ,marital status and age

What is the difference between a secured and an unsecured loan?

A secured loan is with a collateral given but an unsecured loan is just a promise made by the person to pay

what is the difference between scarcity and shortages?

Scarcity is people having unlimited wants but not enough time or money



-while a shortage is a temporary thing

What is the condition that results because wants are Unlimited?

Scarcity

what is the truth in Lending Act?

It requires creditors to keep consumers fully aware about cost and conditions of Borrowing

what is disposable income?

An income that a person has left over after taxes are paid

what is a trade-off?

Sacrificing the one good to purchase another product or produce

What is a principal?

The principles is the amount of money originally borrowed

Who is John Stuart Mill and what did he write?

John Stuart Mill was an English philosopher that said that all distribution of wealth should be distributed depending on laws given by the government

What makes a good a durable good?

An item that is able to last more than 3 years is considered a durable good and can be used for collateral

What is Credit Union?

An institution that is owned operated by its own members and only gives low-interest loans only to its primary members

What is a secured loan?

A loan that is done with a colateral given