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ECONOMICS (first day game)
Terms in this set (38)
WHAT IS ECONOMICS?
•The study of the choices that people make to satisfy their needs and wants
•Occurs when there are limited economic resources and unlimited wants and needs
CENTRAL QUESTIONS OF ECONOMICS
•What will be produced?
•How will it be produced?
•For whom will it be produced?
•People who decide what to buy
•People who make the things that satisfy the wants
•Physical objects that can be purchased
•Actions, activities, or jobs that are done for free
•The economic study of entire economics or concepts such as unemployment
•The economic study of individuals, families, households and business
•Giving up one thing to gain more of another
•The value of the next best alternative
COST- BENEFIT ANALYSIS
•The practice of examining the costs and expected benefits of a choice
•The cost of using one more unit of a good or service (negative)
•The benefit of using one more unit of a good or service (positive)
FACTORS OF PRODUCTION
•Resources that can be used to produce goods.
•To distribute. People distribute resources to satisfy wants and needs.
•Natural resources found on or in the Earth.
•Human resources.Any human effort exerted during produccion.
•Human-made materials used to create other goods and services.
•A person who attempts to start a new business or introduce a new product. This person risks economic failure in hopes of making money.
•The level of output that results from a given level of input.
DIVISION OF LABOR
•Assigning a small number of tasks to each worker
•Becoming an expert in completing a particular task.
system that follows the ways ancestors of the culture traded goods for other goods(barter)
system in which the government makes most of the economic decisions for a country
system in which consumers' wants and needs drive the economic decisions
system that is a blend of command and market economies
what goods and services people make
what people buy or use goods and services.
things that are required in order to live
things that add comfort and pleasure to your life
Examples of Wants
Skateboards, Video Games, Phones, Computers
used to make goods and services
Supply and Demand
the amount of a product or service available and the desire of buyers for it, both are used to determine the price of a good or service.
Examples of Needs
Shelter, Food, Water
Examples of Resources
oil, trees, water, gold, diamonds
a resource that can be used over and over again
a resource that cannot be replaced, it can only be used once time
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