Unit 10 Lessons Civics

20 cards

Unit 10 Lessons Civics


 
  
Created Nov 14, 2011
by
natasha.wippel

 

 
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1
 Economics
 

The science that deals with the production, allocation, and use of...

2

Because...

 
who...how.
3
In economics, when you exchange one good for another, you are making a
 
tradeoff
4
When you make one choice, you give up another.  The thing that you give up is called...
 
opportunity cost
5
Fixed costs
 
remain constant despite production
6
Variable costs
 

change...

7
marginal cost
 
extra cost of producing one additional unit of output
8

Both...

 
cost-benefit analysis
9
A circular flow of economic activities takes place between______.
 
consumers, businesses, the government and foreign sectors
10
A measure of the amount of output produced by a given amount of inputs in a specific period...
 
 productivity
11
When production and labor focuses on a single skill or activity to improve productivity,...
 

specialization

12

When a job is broken down into into separate, smaller tasks performed by different workers...
 

division...

13
A market is a location or other situation that allows buyers and sellers to exchange a certain...
 

local,...

14
Two concepts underlie the market system
 
people can work for economic gain and government should have a very limited role in the economy.
15
Adam Smith’s idea that economies work best without lots of rules and regulations from the...
 

laisse...

16
The economic system based on private or corporate ownership of, production and distribution...
 
capitalism
17

 

Capitalism...
 
competition
18
With this aspect of capitalism, the government should have little to no interfere in the...
 

free...

19
needs
 
things that you must have to survive. Example: food, water, shelter.
20
wants
 
things that you would like to have, but are not necessary for survival. Example: mansion, ipod,...

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