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Study sets matching "economic terms"

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Study sets matching "economic terms"

37 terms
economics assesment
demand
law of demand
3 factors that influence demand
substitution effect
the willingness and ability to buy or consume something
as price goes up, quantity demanded goes down.
sustitution effect, real income effect, diminishing marginal…
as the price of one good or service goes up, quantity demande…
demand
the willingness and ability to buy or consume something
law of demand
as price goes up, quantity demanded goes down.
253 terms
Economics terms
Absolute poverty
Actual output
Administrative barriers
Aggregate demand
The inability of an individual or a family to afford a basic…
The quantity of output actually produced by an economy.
Trade protection measures taking the form of administrative p…
The total quantity of goods and services that all buyers in a…
Absolute poverty
The inability of an individual or a family to afford a basic…
Actual output
The quantity of output actually produced by an economy.
16 terms
Economic Terms
Specialization
Tariff
Quota
Embargo
When one country can produce a good... or service at a lower opp…
A trade barrier that places a tax on... imported goods
A type of trade barrier that places a... limit on the amount of…
Type of trade barrier that forbids trade... with another country
Specialization
When one country can produce a good... or service at a lower opp…
Tariff
A trade barrier that places a tax on... imported goods
17 terms
Economic Terms
Loss
Profit
Taxes
Good
When the amount of money a person or company spends is more t…
The positive gain from an investment or business after subtra…
The money the government collects from individuals and busine…
Something you can feel or any kind of merchandise
Loss
When the amount of money a person or company spends is more t…
Profit
The positive gain from an investment or business after subtra…
253 terms
Economics terms
Absolute poverty
Actual output
Administrative barriers
Aggregate demand
The inability of an individual or a family to afford a basic…
The quantity of output actually produced by an economy.
Trade protection measures taking the form of administrative p…
The total quantity of goods and services that all buyers in a…
Absolute poverty
The inability of an individual or a family to afford a basic…
Actual output
The quantity of output actually produced by an economy.
Economics Terms
Goods
Consumer
Scarcity
Opportunity Cost
Things that people make or use to satisfy needs and wants
A person who uses goods and services
Not being able to meet all wants at the same time because res…
The next best choice that is given up when an economic choice…
Goods
Things that people make or use to satisfy needs and wants
Consumer
A person who uses goods and services
40 terms
Economic Terms
Factors of Production
Entrepreneurship
Land
Capital
Land, Entrepreneurship, Capital, Labor
Taking a risk to create a new business.
Any resource that is taken out of the earths crust.
All of the resources made and used by people to produce goods…
Factors of Production
Land, Entrepreneurship, Capital, Labor
Entrepreneurship
Taking a risk to create a new business.
27 terms
Economics Terms
Supply
Demand
Equilibrium
Principle of Diminishing Marginal Util…
the total amount of a specific good or service that is availa…
a consumer's desire and willingness to pay a price for a spec…
occurs when market supply and demand balance each other.
a law of economics stating that as a person increases consump…
Supply
the total amount of a specific good or service that is availa…
Demand
a consumer's desire and willingness to pay a price for a spec…
21 terms
Economic Terms
Market Economy
Traditional Economy
Command Economy
Tariff
An economic system in which people choose freely what to buy…
An economy in which production is based on customs and tradit…
An economic system in which the government makes all economic…
A government tax on imports
Market Economy
An economic system in which people choose freely what to buy…
Traditional Economy
An economy in which production is based on customs and tradit…
15 terms
Economics Terms
Capital Resources
Goods
Human Resource
Specialization
Goods made by people and used to produce other goods and serv…
Things that are made or grown and used or purchased by others
People working to produce goods and services
When people focus on the production of selected goods and ser…
Capital Resources
Goods made by people and used to produce other goods and serv…
Goods
Things that are made or grown and used or purchased by others
27 terms
Economic Terms
Economics
Scarcity
Choice
Need
The study of how people make choices from limited resources (…
The condition of not being able to have all the goods and ser…
What someone must make when faced with two or more alternatives
Something we have to have in order to survive
Economics
The study of how people make choices from limited resources (…
Scarcity
The condition of not being able to have all the goods and ser…
17 terms
Economics Terms
Economy
Opportunity Cost
Trade-Off
Service Industry
The producing, selling and buying that people do
What you do NOT buy or get when you do a trade-off
When you give up one thing for another
A business in which people are paid to do things for other pe…
Economy
The producing, selling and buying that people do
Opportunity Cost
What you do NOT buy or get when you do a trade-off
33 terms
Economic Terms
Market Economy
Traditional Economy
Command Economy
Tariff
An economic system in which people choose freely what to buy…
An economy in which production is based on customs and tradit…
An economic system in which the government makes all economic…
A government tax on imports or exports
Market Economy
An economic system in which people choose freely what to buy…
Traditional Economy
An economy in which production is based on customs and tradit…
15 terms
economic terms
economic wants
economic resources
scarcity
specialization
The desire for scarce material goods and services.
The means through which goods and services are produced
A situation in which unlimited wants exceed the limited resou…
A focus on a particular activity or area of study
economic wants
The desire for scarce material goods and services.
economic resources
The means through which goods and services are produced
12 terms
Economic Terms
Comparative advantage
Productivity
Division of labor
White collar jobs
When one nation is better able to produce a good or service t…
The amount of a good or service that can be produced in a giv…
Method of having workers do only a part of a product but do i…
Jobs in this category are office and professional jobs.
Comparative advantage
When one nation is better able to produce a good or service t…
Productivity
The amount of a good or service that can be produced in a giv…
20 terms
Economic Terms
Economics
Scarcity
Factors of Production
Productivity
Study of how individuals, families, businesses, and societies…
Condition of not being able to have all of the goods and serv…
resources of LAND, LABOR, Capital, and entrepreneurship, tech…
The amount of output(goods ans services) that results from a…
Economics
Study of how individuals, families, businesses, and societies…
Scarcity
Condition of not being able to have all of the goods and serv…
15 terms
Economics Terms
capital goods
Entrepreneur
scarcity
surplus
Human made materials needed to produce goods and services. Ma…
A person who organizes and manages a business, usually takes…
When many people want something, and there is only a limited…
A supply that is greater than the demand, having extra
capital goods
Human made materials needed to produce goods and services. Ma…
Entrepreneur
A person who organizes and manages a business, usually takes…
17 terms
Economic terms
economic resources
scarcity
economic wants
specialization
human natural and capital resources used to make goods or pro…
wants are unlimited but resources are limited which forces pe…
people have desires that can be satisfied by using goods or s…
goods and services are produced in better quality when people…
economic resources
human natural and capital resources used to make goods or pro…
scarcity
wants are unlimited but resources are limited which forces pe…
16 terms
Economic Terms
command economy
market economy
traditional economy
mixed economy
An economic system in which the government controls a country…
An economic system where decisions are made by individuals or…
An economy in which decisions are based on customs and tradit…
An economy in which decisions are made by both individuals an…
command economy
An economic system in which the government controls a country…
market economy
An economic system where decisions are made by individuals or…
16 terms
Economic Terms
command economy
market economy
traditional economy
mixed economy
An economic system in which the government controls a country…
An economic system where decisions are made by individuals or…
An economy in which decisions are based on customs and tradit…
An economy in which decisions are made by both individuals an…
command economy
An economic system in which the government controls a country…
market economy
An economic system where decisions are made by individuals or…
12 terms
Economics Terms
Market Economy
Traditional Economy
Command Economy
Quota
An economic system in which there is free competition and pri…
An original economic system in which traditions, customs, and…
An economy in which the government decides... what and how goods…
A limit placed on the number of imports... that may enter the co…
Market Economy
An economic system in which there is free competition and pri…
Traditional Economy
An original economic system in which traditions, customs, and…
27 terms
Economic Terms
Economics
Scarcity
Choice
Need
The study of how people make choices from limited resources (…
The condition of not being able to have all the goods and ser…
What someone must make when faced with two or more alternatives
Something we have to have in order to survive
Economics
The study of how people make choices from limited resources (…
Scarcity
The condition of not being able to have all the goods and ser…
25 terms
Economic Terms
Market Economy
Traditional Economy
Command Economy
Tariff
An economic system in which people choose freely what to buy…
An economy in which production is based on customs and tradit…
An economic system in which the government makes all economic…
A government tax on imports or exports
Market Economy
An economic system in which people choose freely what to buy…
Traditional Economy
An economy in which production is based on customs and tradit…
15 terms
Economic Terms
economic wants
economic resources
scarcity
specialization
The desire for scarce material goods and services.
The means through which goods and services are produced
A situation in which unlimited wants exceed the limited resou…
A focus on a particular activity or area of study
economic wants
The desire for scarce material goods and services.
economic resources
The means through which goods and services are produced
45 terms
Economic terms
need
want
goods
services
something like air, food, or shelter that is necessary for su…
...
Tangible product that we use to satisfy our wants and needs
Activities performed by people, firms or government agencies…
need
something like air, food, or shelter that is necessary for su…
want
...
20 terms
Economics Terms
Scarcity
Economics
Market economy
Specialization
the limited nature of society's resources
the study of how society manages its scarce resources
Economic decisions are made in the marketplace according to s…
to focus on a particular area, good, or resource. (focusing o…
Scarcity
the limited nature of society's resources
Economics
the study of how society manages its scarce resources
30 terms
Economic Terms
Market Economy
Traditional Economy
Command Economy
Tariff
An economic system in which people choose freely what to buy…
An economy in which production is based on customs and tradit…
An economic system in which the government makes all economic…
A government tax on imports or exports
Market Economy
An economic system in which people choose freely what to buy…
Traditional Economy
An economy in which production is based on customs and tradit…
25 terms
Economic Terms
Market Economy
Traditional Economy
Command Economy
Tariff
An economic system in which people choose freely what to buy…
An economy in which production is based on customs and tradit…
An economic system in which the government makes all economic…
A government tax on imports or exports
Market Economy
An economic system in which people choose freely what to buy…
Traditional Economy
An economy in which production is based on customs and tradit…
16 terms
Economics Terms
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 another country and shipped to your country to…
consumers
people who purchase goods and services
currency
coins and bills used to purchase goods and services
28 terms
Economic Terms
Entrepreneur
Economics
Want
Need
A person who organizes and operates a business or businesses,…
the study of the "marketplace"; the study of how people produ…
something you desire but can live without
something needed to live; something you can't live without
Entrepreneur
A person who organizes and operates a business or businesses,…
Economics
the study of the "marketplace"; the study of how people produ…
12 terms
Economic Terms
Market economy
Free enterprise
Capitalism
Command economy
a economic system in which people choose what to buy and sell…
system where competition and innovation among business determ…
an economic system where businesses supply products and set p…
an economy where government decides what to produce, where to…
Market economy
a economic system in which people choose what to buy and sell…
Free enterprise
system where competition and innovation among business determ…
15 terms
Economic Terms
scarcity
human resources
capital resource
opportunity cost
not having as much of something that you want
people and the the skills and knowledge they bring to work
a tool, machine or building people use to produce a good or s…
the thing you give up or have for something else
scarcity
not having as much of something that you want
human resources
people and the the skills and knowledge they bring to work
14 terms
Economic Terms
goods
services
transportation
trade
things that people make or grow
jobs that people do to help others
the way we move goods from one place to another
to buy, sell, or exchange goods using money
goods
things that people make or grow
services
jobs that people do to help others
16 terms
Economics terms
Supply
Demand
Import
Export
The quantity of a good or service producers are willing and a…
The quantity of a good or service consumers are willing and a…
To bring goods into another country.
To send goods to another country.
Supply
The quantity of a good or service producers are willing and a…
Demand
The quantity of a good or service consumers are willing and a…
15 terms
Economics Terms
Needs
Wants
Scarcity
Goods
Food, clothing, and shelter
The desire for goods beyond the basics
The availability of goods and resources
Merchandise
Needs
Food, clothing, and shelter
Wants
The desire for goods beyond the basics
20 terms
Economic Terms
needs
wants
surplus
shortage
Required for survival
desires that are not necessary to survive.
Extra
Not enough
needs
Required for survival
wants
desires that are not necessary to survive.
8 terms
Economic Terms
capital
human capital
resources
capital resources
money
the people who work to make money in an economy
things that you use
man-made things used to make goods
capital
money
human capital
the people who work to make money in an economy
12 terms
Economics Terms
Indicators to evaluate the performance…
Economic Growth Rate
Gross Domestic Product (GDP)
Gross Domestic Product (GDP) per capita
1. GDP... 2. Inflation rate... 3. Unemployment rate
Measures the increase in the production of goods and services…
The market value of all final goods and services produced wit…
GDP per person, average income per person. Takes into account…
Indicators to evaluate the performance…
1. GDP... 2. Inflation rate... 3. Unemployment rate
Economic Growth Rate
Measures the increase in the production of goods and services…
10 terms
Economics terms
Traditional economy
Market economy
Command economy
Embargo
an economy in which most of the economic decisions are based…
an economy in which decisions about production, and distribut…
an economy in which decisions about production, distribution…
To completely block trade with a country.
Traditional economy
an economy in which most of the economic decisions are based…
Market economy
an economy in which decisions about production, and distribut…
24 terms
Economic Terms
Command Economy
Free Market Economy
Traditional Economy
Mixed Economy
Communism, Government Control
Choice, Supply and Demand, Profit Motivation
Traditions, Bartering, Indians
Freedom and Government Control
Command Economy
Communism, Government Control
Free Market Economy
Choice, Supply and Demand, Profit Motivation
33 terms
Economic Terms
Market Economy
Traditional Economy
Command Economy
Tariff
An economic system in which people choose freely what to buy…
An economy in which production is based on customs and tradit…
An economic system in which the government makes all economic…
A government tax on imports or exports
Market Economy
An economic system in which people choose freely what to buy…
Traditional Economy
An economy in which production is based on customs and tradit…
5 terms
Economic terms
recession
subsidies
trade surplus
trade deficit
Greece is still struglling to pull its economy out of the ___…
Many companies receive heavy ___________ from the national go…
Japan has a larger ________________ with the United States th…
A country that has greater exports than imports is said to ha…
recession
Greece is still struglling to pull its economy out of the ___…
subsidies
Many companies receive heavy ___________ from the national go…
10 terms
economic terms
unitary
confederation
federal
ceremonial leader
power is held by one central authority
a system in which the local government holds all of the power…
a political system in which power is shared between the natio…
a person who holds the title as the highest leader of a count…
unitary
power is held by one central authority
confederation
a system in which the local government holds all of the power…
10 terms
Economic terms
scarcity
resources
goods
services
The condition in which available resources are limited.
All the things used in producing goods and services.
Products that we use to satisfy our wants and needs
Actions or activities one person performs for another
scarcity
The condition in which available resources are limited.
resources
All the things used in producing goods and services.
40 terms
Economic Terms
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…
17 terms
Economic Terms
Human Resources
Natural Resources
Capital Resources
Producer
The workers needed to make and sell goods and services.
Include raw materials that come from Earth . Raw materials ar…
Equipment and machines that help workers make goods and provi…
Someone who makes or provides goods or services (examples: fa…
Human Resources
The workers needed to make and sell goods and services.
Natural Resources
Include raw materials that come from Earth . Raw materials ar…
35 terms
Economics Terms
Consumer Goods
Capital Goods
Scarcity
Opportunity Cost
Anything produced for households or firms to purchase
Anything that allows economical activity to take place usuall…
there are limited resources available for firms, government,…
opportunity forgone when making economic decisions (due to sc…
Consumer Goods
Anything produced for households or firms to purchase
Capital Goods
Anything that allows economical activity to take place usuall…
15 terms
Economic Terms
capital goods
natural resource
trade
human resources
tools, machines, building, and other equipment that a busines…
a productive resource supplied by nature that people use, suc…
buying and selling of goods
are the services, knowledge, education, and intelligence that…
capital goods
tools, machines, building, and other equipment that a busines…
natural resource
a productive resource supplied by nature that people use, suc…
58 terms
Economic Terms
Tragedy of the Commons
Laffer Curve
Zero Sum Game
Property Rights
Lack of property rights and individual ownership; when everyb…
the point at which a raise in tax rate results in a decrease…
The economic pie is fixed in size. It theorizes that when som…
begin with one's own body & mind and includes the fruit of on…
Tragedy of the Commons
Lack of property rights and individual ownership; when everyb…
Laffer Curve
the point at which a raise in tax rate results in a decrease…
12 terms
Economics Terms
Scarcity
Resources
Choice
Opportunity Cost
Inability to satisfy all wants at the time
Factors of production such as natural, human, capital, and en…
Selection of an item for a set of possible alternatives becau…
what is given up when a choice is made
Scarcity
Inability to satisfy all wants at the time
Resources
Factors of production such as natural, human, capital, and en…
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