Unit 10 Lessons Civics

Unit 10 Lessons Civics
  
Created Nov 14, 2011
by
natasha.wippel
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Side ASide B
 Economics
The science that deals with the production, allocation, and use of goods and services, it...
Because the US bases everything on price and competition, two economic questions our society...
who...how.
In economics, when you exchange one good for another, you are making a
tradeoff
When you make one choice, you give up another.  The thing that you give up is called...
opportunity cost
Fixed costs
remain constant despite production
Variable costs
change based on production factors
marginal cost
extra cost of producing one additional unit of output
Both producers and consumers use __________ what goods to produce and what prices to charge...
cost-benefit analysis
A circular flow of economic activities takes place between______.
consumers, businesses, the government and foreign sectors
A measure of the amount of output produced by a given amount of inputs in a specific period...
 productivity
When production and labor focuses on a single skill or activity to improve productivity,...
specialization
When a job is broken down into into separate, smaller tasks performed by different workers...
division of labor
A market is a location or other situation that allows buyers and sellers to exchange a certain...
local, regional, national, and global
Two concepts underlie the market system
people can work for economic gain and government should have a very limited role in the economy.
Adam Smith’s idea that economies work best without lots of rules and regulations from the...
laisse faire.
The economic system based on private or corporate ownership of, production and distribution...
capitalism
  Capitalism thrives on this concept which centers around producers and consumers...
competition
With this aspect of capitalism, the government should have little to no interfere in the...
free enterprise
needs
things that you must have to survive. Example: food, water, shelter.
wants
things that you would like to have, but are not necessary for survival. Example: mansion, ipod,...

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