Flashcard Set Preview
| Side A | Side B | ||
| 1 |
What are needs?
|
The things we need to survive (food, water, shelter
|
|
| 2 |
What is a business?
|
Any activity that seeks profit by providing goods or services to other
|
|
| 3 |
Resource
|
Abything people can use to make or obtain what they need
|
|
| 4 |
Services
|
Tasks that people or machines perform
|
|
| 5 |
Natural resources
|
Raw materials found in nature
|
|
| 6 |
Capital resource
|
Biuldings, materials, and eqiptment used to produce goods and services
|
|
| 7 |
Market economy
|
Based on supply and demand
|
|
| 8 |
What is an example of a market economy
|
Capitalism
|
|
| 9 |
Entrepreneurial resources
|
Required to meet changings ways and needs of people
|
|
| 10 |
Command economy
|
central authority such as state makes economic decisions. Communism and socialism
|
|
| 11 |
Human resources
|
The skills, knowledge, and efforts workers bring to work
|
|
| 12 |
Factors of production
|
Economic resources used to produce goods and services
|
|
| 13 |
Mixed economy
|
State takes care of peoples needs while marketplace takes care of their wants
|
|
| 14 |
Demand
|
Amount of goods consumers are willing to buy
|
|
| 15 |
Supply
|
The amount of a goods a producer will make at various prices
|
|
| 16 |
Economics
|
Study of how society choosed to use resources and produce and distribute goods
|
|
| 17 |
equillibrium price
|
The quantity demanded and the quantity supplied meet
|
|
| 18 |
What are the charectoristics of a private enterprise system?
|
Competition, profit, and motive
|
|
| 19 |
Free market advantage?
|
Competition, more innovation, better prices
|
|
| 20 |
Standard of living
|
amount of goods and services the average citizen can afford
|
|
| 21 |
Business cycle
|
Recession, depressesion, recovery, prosperity. Prepeated ups and downs of economic activity...
|
|
| 22 |
Inflation
|
A general rise in product cost
|
|
| 23 |
GDP
|
monetary value of all goods and services produced in country combined
|
|
| 24 |
Budget deficet
|
The government spent more money than they collect in taxes
|
|
| 25 |
Recession
|
Economic activity slows
|
|
| 26 |
National debt
|
Total amount of money that the government owes
|
|
| 27 |
Prosperity
|
The peak of economic cycle
|
|
| 28 |
Budget surplus
|
Government has money left over after they've carried out the budget
|
|
| 29 |
Deflation
|
general decrese in prices
|
|
| 30 |
What do economic indicators measure?
|
They measure the growth of a country
|
|
| 31 |
3 reasons people become unemployed
|
Employement is seasonal, changes in the industry, entire economy is down
|
|
| 32 |
What is economy
|
system of production, comsumption, and distribution
|
|
| 33 |
What are goods?
|
Satisfy your wants and needs, products
|
|
| 34 |
What is consumption?
|
When comsumers use their own money to buy products
|
|
| 35 |
What is investment?
|
spending on capital equipment inventories and structures (including houses)
|
|
| 36 |
What is the GDP equasion?
|
Y= Consumption + Investment + Government purchases + Net exports
|
|
| 37 |
What is government purchases?
|
The state, local or federal government spending
|
|
| 38 |
What is net exports?
|
Spending on exports (foreigners buying domestically grown products) - spendings on imports...
|
|
| 39 |
Income
|
Amount of money a person makes in a year
|
|
| 40 |
Prices of related goods
|
Competition
|
|
| 41 |
Tastes
|
if taste goes up, so does demand
|
|
| 42 |
Expectation
|
How much the consumer thinks the price will be
|
|
| 43 |
Number of buyers
|
increases or decreases demand
|
|
| 44 |
What is an input price and how does it affect supply?
|
How much the resources are that go into making your product. up input price, down supply
|
|
| 45 |
Technology and affect supply?
|
up tech up supply
|
|
| 46 |
Expectation and affect supply
|
if expectation up, supply up
|
|
| 47 |
Number of selers and affect supply
|
up sellers, up supply, down price
|
|
| 48 |
What is an absolute advantage
|
Which producer makes/gathers more goods in the same amount of time
|
|
| 49 |
What is oppurtunity cost?
|
However many goods must be given up to make a different product
|
No comments yet! Be the first to add a comment below!
Please login to post comments.
After login, we will forward you back to this flashcard.