Economics

23 cards


 
  
Created Jan 17, 2013
by
bbbabytattoo

 

 
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1
economic system
 
the way in which a society uses needs and wants
2
services
 
some activity or function which persons do for other persons for free or payment
3
normative economics
 
focuses on economic behavior and activity as it could or should be
4
economics
 
the study of hoe people and sociteties chose to use their resources to satisfy their wants...
5
scarcity
 
basic economic problem and a lack of enough resources to satisfy all of peoples wants and needs
6
supply
 
quantity of a good/service producers/sellers are willing and able to supply at each price
7
price
 
a value is expressed by price, as it increses so does value, price is an insentive to buy or...
8
economists
 
adam smith-father of economics, wealth of nations (book)
cark marks-father of socialism,...
9
opportunity cost
 
the value of the bext best alternative not chosen
10
demand
 
quantity of a good/services buyers are willing and able to buy at each price
11
value
 
as value increases so does price
12
bb
 
bb
13
opportunity benefit
 
the value of the alternative chosen
14
positive econ
 
explains economic bahvior as it as
15
sellers market
 
high prices are an incentive for sellers to sell
16
buyers market
 
low prices are an incetive for buyers to buy
17
non durable goods
 
goods, which are perishable, consumed once, can never be used agian. ex- food and gas
18
micro econ
 
a branch of economics, which studies the behavior and activity of individuals
19
macro econ
 
a branch of economics which studies the behavior of the economy as a whole *aggregate-total*
20
the 2 types of incentives and define
 
incentive: reason for doing something
1. Monetary: paycheck
2. non-monetary:...
21
complimentary goods(define) give examples
 
goods that go together ex- PB and J
22
4 factors of production
 
Land- natural resources provided by nature ex: water, timber
Labor- human labor only....
23
4 tests of elacticity 
 
elastic- want, relativly expensive, many substitutes, time to plan, Total Revebue test. If...

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