Study sets matching "econ"

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Study sets matching "econ"

Economics
Money
Loan
Credit
Interest
Medium of exchange to buy and sell goods and services
A sum of money borrowed from a person or group
A means to buy something now and pay later
Fee paid to use something else's money
Money
Medium of exchange to buy and sell goods and services
Loan
A sum of money borrowed from a person or group
Economics
Voluntary exchange
A) You buying a toy of your choice at…
Trade
B)
The free exchange of goods and services between buyers and se…
Which is an example of voluntary exchange?... A) You buying a to…
The activity or process of buying, selling, or exchanging goo…
Which is an example of trading?... A) You giving an extra pencil…
Voluntary exchange
The free exchange of goods and services between buyers and se…
A) You buying a toy of your choice at…
Which is an example of voluntary exchange?... A) You buying a to…
Economics
tangiable
intangiable
goods
utility
able to be felt by touch
not able to be felt by touch
anything that satisfies a person's wants or brings satisfacti…
the quality to bringing satisfaction or happiness
tangiable
able to be felt by touch
intangiable
not able to be felt by touch
Economics
Utility
Total utility
Marginal utility
Diminishing marginal utility
Satisfaction from buying goods or services
The total satisfaction a person gains from all the units of c…
Additional satisfaction gained from consuming one extra unit…
the point reached when an additional unit of product consumed…
Utility
Satisfaction from buying goods or services
Total utility
The total satisfaction a person gains from all the units of c…
Economics
Any item that can be traded for goods…
Anything that has value that can be to…
Job done for money
When there is too much money and it be…
Money
Goods
Services
Inflation
Any item that can be traded for goods…
Money
Anything that has value that can be to…
Goods
Economics
Economics
Scarcity
Microeconomics
Macroeconomics
Economics is a social science that seeks to understand the ch…
Scarcity is a situation in which there is not enough of somet…
Microeconomics is the branch of economics that studies choice…
Macroeconomics is the branch of economics that deals with lar…
Economics
Economics is a social science that seeks to understand the ch…
Scarcity
Scarcity is a situation in which there is not enough of somet…
11 terms
Economics
economics
market
goods
services
study of how governments, businesses, and people use their mo…
where economic exchanges take place
things that can be touched, such as clothing and food
work that does not produce something you can touch, its the t…
economics
study of how governments, businesses, and people use their mo…
market
where economic exchanges take place
40 terms
Economics
Economy
Economic Development
Production
Producers
The careful use or management of resources such as money, mat…
Depends on the production, distribution, and consumption of g…
The making of goods.
Owners and workers.
Economy
The careful use or management of resources such as money, mat…
Economic Development
Depends on the production, distribution, and consumption of g…
Economics
Free Market/Capitalism
Communism
Agriculture
Industrial
economy is controlled by entrepreneurs for profit, people get…
economy controlled by the government, government makes all ec…
farming (the growing of crops and the raising of animals) to…
having to do with manufacturers or facrories
Free Market/Capitalism
economy is controlled by entrepreneurs for profit, people get…
Communism
economy controlled by the government, government makes all ec…
281 terms
Economics
Ability-to-pay Principle
Acreage Allotments
Actively Managed Funds
Actual Investment
The idea that those who have greater income (or wealth) shoul…
A pre-1996 government program that determined the total numbe…
Mutual funds that have portfolio managers... who constantly buy…
The amount that firms invest; equal to planned investment plu…
Ability-to-pay Principle
The idea that those who have greater income (or wealth) shoul…
Acreage Allotments
A pre-1996 government program that determined the total numbe…
293 terms
Economics
Economics
Scarcity
Opportunity cost
PPF (Conceptually)
the study of choices
unlimited wants and needs cannot be satisfied by limited reso…
the next best alternative forgone when a choice is made
illustrates the maximum combination of goods a country can pr…
Economics
the study of choices
Scarcity
unlimited wants and needs cannot be satisfied by limited reso…
20 terms
Economics
renewable resources
nonrenewable resources
economic system
traditional market
a resource that can be totally replaced or is always availabl…
the resources that cannot be totally replaced
how a society decides on the ownership and distribution of it…
an economy where resources are distributed mainly through fam…
renewable resources
a resource that can be totally replaced or is always availabl…
nonrenewable resources
the resources that cannot be totally replaced
Economics
Account
Bank
Barter
Budget
A record of money deposited or withdrawn from a bank.
A business that provides money services, such as cashing chec…
exchange of goods and services for other goods and or service…
Projection of how income and expenditures are managed,
Account
A record of money deposited or withdrawn from a bank.
Bank
A business that provides money services, such as cashing chec…
16 terms
Economics
3 categories of the 10 principles of e…
2. The cost of something = what you gi…
1. People face trade-offs
3. Rational people think "at the margin"
-Decision making ... -How People Interact ... -How The Economy As A…
The opportunity cost of any item is whatever must be given up…
Ex: Having more money to buy stuff requires working longer ho…
making decisions by evaluating costs and benefits of marginal…
3 categories of the 10 principles of e…
-Decision making ... -How People Interact ... -How The Economy As A…
2. The cost of something = what you gi…
The opportunity cost of any item is whatever must be given up…
Economics
consumer
consumption
profit
loss
person who uses/buys a good or service
the process of using/buying a good or service
when the revenue (money received) is more than the cost of pr…
when the cost of production (money that is spent) is more tha…
consumer
person who uses/buys a good or service
consumption
the process of using/buying a good or service
47 terms
Economics
opportunity cost
example of opportunity cost
types of economies
Free market economy
the benefit lost from choosing an alternative
opportunity cost of ..... is foregoing the ......
free market, mixed and centrally planned
resources are allocated by the price mechanism. no government…
opportunity cost
the benefit lost from choosing an alternative
example of opportunity cost
opportunity cost of ..... is foregoing the ......
16 terms
Economics
Economics
Business
Command Economy
Competition
The study of how individuals and societies make choice about…
A company whose goal it is to make a profit.
An economic system characterized by a central authority that…
Buyers and sellers participating in the market.
Economics
The study of how individuals and societies make choice about…
Business
A company whose goal it is to make a profit.
Economics
Import
Export
Interest
Opportunity Costs
To bring goods into a country.
To send goods to another country.
A fee that is charged for using someone else's money.
The amount of money lost when one decision is made as opposed…
Import
To bring goods into a country.
Export
To send goods to another country.
19 terms
Economics
consumers
currency
entrepreneur
exports
people who purchase goods and services
coins and bills used to purchase goods and services
someone who opens their own business
goods made in your country and shipped to another country to…
consumers
people who purchase goods and services
currency
coins and bills used to purchase goods and services
13 terms
Economics
Producer
Consumer
Needs
Wants
People who work to produce or make goods and provide services
Someone who uses or consumes goods and services
Something we have to have in order to survive (examples: food…
A good or service we would like to have but do not need in or…
Producer
People who work to produce or make goods and provide services
Consumer
Someone who uses or consumes goods and services
20 terms
Economics
specialize
distributor
need
producer
to create only specific goods or services designed to meet sp…
a business that obtains products from producers and distribut…
an item or service which is necessary for survival
a person or organization that creates goods or provides servi…
specialize
to create only specific goods or services designed to meet sp…
distributor
a business that obtains products from producers and distribut…
37 terms
Economics
Economics
Economy
Needs
Wants
A social science (study of human behaviour) that studies the…
All activities undertaken for the purpose of the production,…
A good or service that consumers consider necessary to mainta…
A good or service that is desired in order to provide satisfa…
Economics
A social science (study of human behaviour) that studies the…
Economy
All activities undertaken for the purpose of the production,…
Economics
money
commodity money
barter
specialists
anything widely accepted as final payment for goods and servi…
a medium of exchange which has values as a commodity or good…
direct trading of goods and services between people without t…
people who specialize or produce only one particular good or…
money
anything widely accepted as final payment for goods and servi…
commodity money
a medium of exchange which has values as a commodity or good…
31 terms
Economics
Inflation
GDP
CPI
Interest rates
A general and progressive increase in prices
the total market value of all final goods and services produc…
a measure of the overall cost of the goods and services bough…
A fee paid to borrow money
Inflation
A general and progressive increase in prices
GDP
the total market value of all final goods and services produc…
Economics
budget
consumer
demand
goods
a plan of how much money is available and how it will be spent
a person who buys and uses goods and services
consumers' desire for goods and services
real items
budget
a plan of how much money is available and how it will be spent
consumer
a person who buys and uses goods and services
15 terms
Economics
demand
wants
supply
employer
How much in the way of goods and services that people want an…
Things that people would like to have but can live without.
The amount of a product that is available for people to purch…
The person who hires someone to do work.
demand
How much in the way of goods and services that people want an…
wants
Things that people would like to have but can live without.
20 terms
economics
market failure
negative externality
positive externality
distribution of income
misallocation of resources
negative impact on third party
positive impact on third party
how the income of a population is shared
market failure
misallocation of resources
negative externality
negative impact on third party
Economics
need
want
goods
services
something you must have to live
something you would like to have
something you can touch or feel
things we do for others
need
something you must have to live
want
something you would like to have
Economics
Any item that can be traded for goods…
Anything that has value that can be to…
Job done for money
When there is too much money and it be…
Money
Goods
Services
Inflation
Any item that can be traded for goods…
Money
Anything that has value that can be to…
Goods
43 terms
Economics
Factors of Production
Two Types of Capital
Physical Capital
Human Capital
Land... Labor... Capital
Physical Capital... Human Capital
all human made goods used to produce other goods/services... (ex…
the skills & knowledge gained by a worker through education &…
Factors of Production
Land... Labor... Capital
Two Types of Capital
Physical Capital... Human Capital
Economics
Chapter 1 - Intro to economics
Basic Economics Problem - Relative Sca…
Discuss the basic economic problem of…
Opportunity Cost
...
~ Definition ~ ... Relative Scarcity: Is where people's needs an…
Relative scarcity is simply the imbalance between people's un…
Opportunity Cost is the loss of production that occurs when s…
Chapter 1 - Intro to economics
...
Basic Economics Problem - Relative Sca…
~ Definition ~ ... Relative Scarcity: Is where people's needs an…
20 terms
Economics
economics
scarcity
opportunity cost
demand
Study of how people meet their wants and needs.
Having a limited quantity of resources to meet unlimited wants.
The cost of what you have to give up.
Desire for a certain good or service.
economics
Study of how people meet their wants and needs.
scarcity
Having a limited quantity of resources to meet unlimited wants.
10 terms
Economics
Supply
Demand
Opportunity Cost
Surplus
the willingness of businesses to produce a good or service at…
the willingness of consumers to purchase a good or service at…
what one gives up when you make a choice
a situation in which supply of something drastically exceeds…
Supply
the willingness of businesses to produce a good or service at…
Demand
the willingness of consumers to purchase a good or service at…
Economics
Economics
Opportunity cost
Scarcity
Incentives
study of people and choices... how the world influences decision…
what you give up (time, money, resources, skill, etc.) to do…
tension between infinite wants and finite resources
a set of external (rather than intrinsic) motivators that exp…
Economics
study of people and choices... how the world influences decision…
Opportunity cost
what you give up (time, money, resources, skill, etc.) to do…
12 terms
Economics
Economics
Supply
Demand
Producer
Process by which goods and services are produced, sold, and b…
What people have.
What people want.
Someone who makes something.
Economics
Process by which goods and services are produced, sold, and b…
Supply
What people have.
15 terms
Economics
economics
economy
Goods
Services
The study of how people produce, buy and sell the goods and s…
A system for producing and distributing goods and services
Tangible things people need or want that are produced
An act done for another person that is bought and sold
economics
The study of how people produce, buy and sell the goods and s…
economy
A system for producing and distributing goods and services
24 terms
Economics
market economy
scarcity
law of demand
monopoly
an economic system based on free enterprise, in which busines…
The balance of unlimited wants and limited resources
consumers buy more of a good when a price decreases and less…
control of a product, resource, or service by one company
market economy
an economic system based on free enterprise, in which busines…
scarcity
The balance of unlimited wants and limited resources
17 terms
Economics
Economy
Factors of production
Land resources
Labor resouces
the way a nation makes economic choices about how the nation…
All things used in producing goods and services
anything on earth in its natural state
all the people that work in an economy
Economy
the way a nation makes economic choices about how the nation…
Factors of production
All things used in producing goods and services
17 terms
economics
economics
barter
service
good
the study of making, buying and selling goods and services
trade
any kind of work performed for others
something you can feel; any type of merchandise
economics
the study of making, buying and selling goods and services
barter
trade
Economics
Production of a new brand of shoes is…
Which economic question is addressed b…
Which situation BEST illustrates the t…
You choose to complete your homework r…
what to produce.
For whom to produce.
Your friend bakes cookies with ingredients specified by a rec…
opportunity cost.
Production of a new brand of shoes is…
what to produce.
Which economic question is addressed b…
For whom to produce.
Economics
basic needs
wants
goods
services
Things we must have in order to live. (food, water, air, clot…
Things that are not necessary for survival but which would be…
Things that people make or use to satisfy needs and wants.
Activities that satisfy people's wants and needs.
basic needs
Things we must have in order to live. (food, water, air, clot…
wants
Things that are not necessary for survival but which would be…
Economics
Economy
Economic Development
Production
Producers
The careful use or management of resources such as money, mat…
Depends on the production, distribution, and consumption of g…
The making of goods.
Owners and workers.
Economy
The careful use or management of resources such as money, mat…
Economic Development
Depends on the production, distribution, and consumption of g…
Economics
Economics
Good
Service
Natural Resources
the study of producing, distributing, and consuming goods and…
item available for purchase; something you can see and touch
the efforts of other people that you pay for; examples includ…
materials found in nature and limited by what the earth can p…
Economics
the study of producing, distributing, and consuming goods and…
Good
item available for purchase; something you can see and touch
36 terms
Economics
renewable resources
nonrenewable resources
economic system
traditional market
a resource that can be totally replaced or is always availabl…
the resources that cannot be totally replaced
how a society decides on the ownership and distribution of it…
an economy where resources are distributed mainly through fam…
renewable resources
a resource that can be totally replaced or is always availabl…
nonrenewable resources
the resources that cannot be totally replaced
Economics
Economics
Business
Command Economy
Competition
The study of how individuals and societies make choice about…
A company whose goal it is to make a profit.
An economic system characterized by a central authority that…
Buyers and sellers participating in the market.
Economics
The study of how individuals and societies make choice about…
Business
A company whose goal it is to make a profit.
39 terms
Economics
Producers
Consumer
Barter
Price-based Economy
In economics, the people or companies that make good or provi…
In economics, the people or companies that purchase goods or…
To trade goods or services (money is not involved)
The use of standardized values of currency to buy and sell go…
Producers
In economics, the people or companies that make good or provi…
Consumer
In economics, the people or companies that purchase goods or…
19 terms
Economics
economics
incentives
opportunity cost
scarcity
A social science concerned with the way society chooses to us…
a set of external motivators that explain people's choices
What you give up when you make one choice over another
Not having enough resources to produce all of the things we w…
economics
A social science concerned with the way society chooses to us…
incentives
a set of external motivators that explain people's choices
12 terms
Economics
Trade
consumer
needs
service
To exchange one thing for another is called trade
A person who buys and uses goods and services is a consumer.
Things that you need to live like clothes, food and shelter a…
Work that is done for others for money is called a service.
Trade
To exchange one thing for another is called trade
consumer
A person who buys and uses goods and services is a consumer.
15 terms
Economics
Economy
Income
Goods
Factory
The study of money, producers, consumers, trade, goods and se…
The money people earn
Things people make or grow
Places where people produce goods
Economy
The study of money, producers, consumers, trade, goods and se…
Income
The money people earn
Economics
Asset
Barter
Currency
Demand
Anything of value that is worth money ( including money itself
Trade without money
Coin or paper money. Different countries have different curre…
How much people want something that is set as a specific pric…
Asset
Anything of value that is worth money ( including money itself
Barter
Trade without money
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