Slay-Economics test
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19 terms
Terms | Definitions |
|---|---|
 Economics | study of how we fulfill unlimited wants with limited resources |
| limited resources | money |
| What are the 2 types of economics? | Micro and Macro |
| Micro | personal budget |
| Macro | Budget of U.S. |
| Scarcity | not being able to purchase what we want |
| Opportunity Cost | cost of 1 item in terms of another item |
| Trade-Off | buying something less expensive to meet a need |
| What are the Factors of Production? | Natural Resources, Human Resources, Capital, and Enterpernuership |
| Natural Resources | land, building, and materials that go into the production of the product; Cost=rent |
| Human Resources | people who make the product or are involved; cost=wage |
| Capital | Money and machines; Cost=interest |
| Entrepreneurship | person who puts together the first three factors of production (owns business) Cost=profit |
| Interest | money paid to use someone elses money |
| Profit | the difference between what it costs to make the item and what it is sold for |
| What are the 4 economic questions? | 1. What will I make? 2. How will I make it? 3. Who gets to buy it? 4. How am I going to distribute my item? |
| Profit Margin | What you earn back. |
| What are the 4 economic systems? | Traditional, Command, Free Market, and Mixed |
| What is Mixed a mix of? | Command and Free Market |
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