Set: fundamental economics concepts

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All 21 Terms

Term Definition
allocation this is the finding and assigning monies to different assets based on inventor risk and other factors
capital This is equipment and factories used in the production of goods and services.
capital good tool or equipment used to produce other goods
command economy economic system characterized by a central authority which makes major economic decisions
consumer good a finished product used by an individual for personal use
deregulation This is the process of reducing or eliminating government regulations on an industry, allowing for more laissez-faire business practices. This has been a major issue in the airline, automobile, and power industries in the past 30 years.
economic growth This is the increase in the value of the goods and services produced by an economy.
economic system This is the way in which a society deals with the production, distribution and consumption of goods and services.
entrepreneur a person who takes the risk of a new business enterprise
factors of production land, labor, capital, and entrepreneurship
incentive This is a factor that gives a motivation for selecting a certain choice or course of action.
income This is money that is gained for goods or services by an individual or business.
labor This is one of the three main factors of production. It is the measure of the work done by people.
market economy an economy in which the government has little to say about what, how, and for whom goods are produced; the factors of production are privately owned
opportunity cost This is the economic term that refers to the fact that in order to do or purchase one thing, a person must forgo doing or purchasing one other equally desirable thing.
production possibilities frontier a diagram showing the maximum amount of goods and/or services an economy can produce
productivity This is the amount of goods or services produced per input used.
regulation These are the legal restrictions set forth by a government to produce desired outcomes.
resources These are the factors of production used in the making of goods and services.
scarcity This is when resources are limited and the need for a good or service is higher for a society than what is produced.
specialization This is when each worker performs a specific task in production.

Set Information

Terms 21
Creator dayoub92614
Created May 12, 2008
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Most Missed Words

  1. capital good → tool or equipment used to produce other goods - 3 misses
  2. economic system → This is the way in which a society deals with the production, distribution and consumption of goods and services. - 2 misses
  3. entrepreneur → a person who takes the risk of a new business enterprise - 2 misses
  4. opportunity cost → This is the economic term that refers to the fact that in order to do or purchase one thing, a person must forgo doing or purchasing one other equally desirable thing. - 2 misses
  5. productivity → This is the amount of goods or services produced per input used. - 2 misses
  6. regulation → These are the legal restrictions set forth by a government to produce desired outcomes. - 2 misses
  7. consumer good → a finished product used by an individual for personal use - 1 miss