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22 Cards in this Set
- Front
- Back
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Define Economics:
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a social science that studies how people, acting individually and in groups, decide to use scarce resources to satisfy their wants
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Define Production:
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a process that combines economic resources so the result is a good or service that is available for sale
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Define Distribution:
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the process of getting a product or service to consumers
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Define Consumption:
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using a product or service
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Define Land (Natural Resources):
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refers to the natural resources which are unaltered gifts of nature
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Define Labor (Human Resources)
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refer to the human resources which are the physical and mental efforts people use to create goods and services
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Define Capital Resources:
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buildings, tools, and machines people create and use to produce final goods and services
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Define Factors of Production:
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that which economists call land, labor, and capital resources
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Define Entrepreneurship:
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the fourth factor of production; the imagination, innovative thinking, and managment skills needed to start a business
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Define Scarcity:
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means that an inequality exists between wants and the resources available to satisfy them
SCARCITY= Wants > Available Resources |
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Define Opportunity Costs:
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the highest valued alternative given up as a result of making a choice
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Define Benifits:
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gains
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Define Costs:
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losses
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Define Incentive:
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positive rewards for making some kind of choice or behaving in a certain way
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Define Disincentives:
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a negative or withdrawn reward
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Define Trade:
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exchanging something for someting else, like bartering
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Define Marginal:
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the extra or additional costs or benefits of a decisison
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Define Profit:
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a positive difference between total sales and total costs;
PROFIT = Total Sales > Total Costs |
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Define Market Economy:
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an economy that relies on voluntary tade as the primary means of organizing and coordinating production
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Define Market:
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an arramgement that allows buyers and sellers to make exchanges
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Define Macroeconomics:
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the study of the economy as a whole
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Define Microeconomics:
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the study of individual consumers and buisnesses
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