Econ All (1,II,III)
Terms in this set (29)
Is an economic system where supply and demand determine what goods and services are offered at what price. Government doesn't get too involved.
An economic system where the government determines what goods and services are offered, what price, and who gets the goods and services.
An economic system that has a combination of Market and Command system. Some items/services may be sold through a market system and some may be sold through a command system. All modern economies are mixed.
An economic system assumes that things do not change and that if it worked well in the past, it will work as well in the future. The way goods and services are produced and sold is determined on the past.
Economic and government system used in Russia and adheres to the command system.
An economic system favored by the U.S. that is very much like the free market system.
Like the command system, this system relies on government planning and, like capitalism, may permit the private ownership of property. Many consider this to be a mixed economic system.
GDP - Gross Domestic Product
The total value of all products manufactured and goods provided within that territory during a given year. It is a measure of economic success/failure for a country.
Standard of Living
This term refers to the quality (greatness) and quantity (number) of goods and services available to people. The better and more goods available to a people the higher the standard of living.
The quality of being productive or having the power to produce. You have more of this if you are able to make a higher amount of goods/services in a shorter period of time.
The study of how people (households, regions, countries, businesses, etc) allocate their scarce resources to satisfy their wants and needs.
The careful use of money, resources, and means of production in a place (country, state, county, town, etc.).
Something of value that people want. It can also be used to get something else of value. Money, labor, machinery, oil, and other assets are this.
When the demand (want) of a resource is greater than the supply (amount available) of the resource. Everyone can't eat steak and lobster everyday.
A benefit, profit, or value of something that must be given up to acquire or achieve something else. This occurs in every decision.
Factors of production
The inputs of land, labor, capital, and entrepreneurship which are used in the production of goods or services in order to make money.
A factor of production that offers the owner the right to the natural resources on the land.
A factor of production that is work done by people. The value of the workforce depends on workers' education, skills, and motivation.
A factor of production that includes human-made objects like machinery, equipment, and chemicals that are used in production of goods and services.
A factor of production that is the drive to develop an idea into a business. This has a person combining the other three factors of production to make money.
Industry where goods are produced, oftentimes in factories.
Occurs when your country has more imports from another country compared to your country's exports to that country. (imports>exports)
Occurs when your country has more exports to another country compared to your country's imports from that country. (exports>imports)
The action of buying and selling goods.
A tax on imports.
Goods and services that are shipped out of your home country to another country.
Goods and services that are shipped from another county into your home country.
Using tariffs and/or quotas to boost your country's industry, and shield it from foreign competition.
Where governments do not restrict imports from, or exports to, other countries. There is no use of tariffs or quotas.
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