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Study sets matching "economics"

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Study sets matching "economics"

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.
10 terms
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.
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…
9 terms
Economics
The way goods and services are produce…
when there is not enough of something…
the resources required to produce the…
a risk- taking individual in search of…
Economy
Scarcity
Factors of Production
Entrepreneurs
The way goods and services are produce…
Economy
when there is not enough of something…
Scarcity
16 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 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
34 terms
Economics
Member Bank
Tight Money Policy
Monetary Policy
Reserve Requirement
A bank that is a member of the Federal Reserve System.
A policy that restricts credit and raises the interest rate i…
The Federal Reserves management of the United States money su…
A minimum fraction of your deposit that your bank must hold a…
Member Bank
A bank that is a member of the Federal Reserve System.
Tight Money Policy
A policy that restricts credit and raises the interest rate i…
21 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.
90 terms
Economics
scarcity
Resources (Factors of Production)
Physical Capital
Human Capital
We have limited resources but unlimited wants ex: land, water…
Land (trees) Labor (cheesemaker) capital (human made product…
human made object ex: machines
human knowledge & experience/skill ex: writing, reading, typing
scarcity
We have limited resources but unlimited wants ex: land, water…
Resources (Factors of Production)
Land (trees) Labor (cheesemaker) capital (human made product…
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…
34 terms
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
50 terms
Economics
scarcity
What Is Economics?
What is Microeconomics?
What is Macroeconomics?
Scarcity is the fundamental economic problem of having seemin…
"Economics is the study of how individuals and groups make de…
microeconomics deals with economic decisions made at a low or…
The study of macroeconomics deals with the sum total of the d…
scarcity
Scarcity is the fundamental economic problem of having seemin…
What Is Economics?
"Economics is the study of how individuals and groups make de…
Economics
Factors of Production
Technology
Economics
Scarcity
Resources of land, labor, capital and entrepreneurship used t…
Advances leading to new and improved goods and services and b…
The study of how individuals and societies make choices about…
Do not have enough income or resources to satisfy needs
Factors of Production
Resources of land, labor, capital and entrepreneurship used t…
Technology
Advances leading to new and improved goods and services and b…
19 terms
Economics
Investment
Productivity
Inflation
Profit
refers to the use of resources by businesses, individuals, or…
is defined as the quantity of goods and services produced by…
may be defined as a rise in the general level of prices in an…
The difference between the total revenue and the total cost o…
Investment
refers to the use of resources by businesses, individuals, or…
Productivity
is defined as the quantity of goods and services produced by…
16 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 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
16 terms
Economics
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…
19 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
10 terms
Economics
Economics
Barter
Service
Good
the study of the making, buying, and selling of goods or serv…
To trade
any kind of work performed for others
something you can feel, or any kind of merchandise
Economics
the study of the making, buying, and selling of goods or serv…
Barter
To trade
16 terms
Economics
Supply
Demand
Import
Export
An amount of an item that is available.
How much of something people want.
To bring goods into another country.
To send goods to another country.
Supply
An amount of an item that is available.
Demand
How much of something people want.
50 terms
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
economy
traditional
command
market
A system that answers three basic questions: What to produce?…
In this type of economy, decisions are based on traditions, c…
In this type of economy, the government makes decisions, owns…
In this type of economy, buyers and sellers (citizens) make d…
economy
A system that answers three basic questions: What to produce?…
traditional
In this type of economy, decisions are based on traditions, c…
19 terms
Economics
natural resources
human resources
capital goods
entrepreneur
resources supplied by nature
talents and skills of human beings
human-made materials that help produce products
person who has skill and leadership to start a new business a…
natural resources
resources supplied by nature
human resources
talents and skills of human beings
22 terms
Economics
Demand Acronym
Demand- T
Demand- I
Demand- M
TIMER
Taste
Income
Market Size
Demand Acronym
TIMER
Demand- T
Taste
19 terms
Economics
economics
scarcity
resources
needs
The study of how people seek to satisfy their needs and wants…
a limited amount of something
all things used in producing goods and services
resources you need to survive both physically and mentally
economics
The study of how people seek to satisfy their needs and wants…
scarcity
a limited amount of something
24 terms
Economics
Economics
Goods
Services
Resources
The study of how things are made, bought, sold and used
Anything that can be manufactured or grown
Something done for other in exchange for money
Anything used to produce a good or a service
Economics
The study of how things are made, bought, sold and used
Goods
Anything that can be manufactured or grown
15 terms
economics
bank
money
currency
deposit
a building where money transactions are made
Anything that is acceptable as payment for goods and services.
Coins and paper bills used as money
money put into a bank
bank
a building where money transactions are made
money
Anything that is acceptable as payment for goods and services.
44 terms
Economics
economics
Adam Smith
Capitalist Economy
Command Economy
the science that deals with the production, allocation, and u…
The eighteenth-century Scottish economist whose work "The Wea…
Type of economy in which the resources are owned by individuals
a central authority makes demands
economics
the science that deals with the production, allocation, and u…
Adam Smith
The eighteenth-century Scottish economist whose work "The Wea…
44 terms
Economics
needs
wants
economics
microeconomics
something that is required for survival, such as food, clothi…
a thing we would like to have, such as entertainment, vacatio…
the study of how individuals and nations make choices about w…
economic behavior and decision making by individuals and smal…
needs
something that is required for survival, such as food, clothi…
wants
a thing we would like to have, such as entertainment, vacatio…
11 terms
Economics
Durability
Comparison shopping
Club warehouse store
Convenience store
Ability of an item to last a long time.
Getting information on the types and prices of products and/o…
store that carries a limited number of brands and items in la…
A store that is open long hours that carries a limited select…
Durability
Ability of an item to last a long time.
Comparison shopping
Getting information on the types and prices of products and/o…
10 terms
Economics
Economics
barter
good
scarcity
study of the making, buying, and selling of goods or services.
To barter means to trade?.
A good is something you can feel, or any kind of merchandise.
Scarcity means that there are limited resources, and therefor…
Economics
study of the making, buying, and selling of goods or services.
barter
To barter means to trade?.
19 terms
Economics
Investment
Productivity
Inflation
Profit
refers to the use of resources by businesses, individuals, or…
is defined as the quantity of goods and services produced by…
may be defined as a rise in the general level of prices in an…
The difference between the total revenue and the total cost o…
Investment
refers to the use of resources by businesses, individuals, or…
Productivity
is defined as the quantity of goods and services produced by…
19 terms
Economics
Investment
Productivity
Inflation
Profit
refers to the use of resources by businesses, individuals, or…
is defined as the quantity of goods and services produced by…
may be defined as a rise in the general level of prices in an…
The difference between the total revenue and the total cost o…
Investment
refers to the use of resources by businesses, individuals, or…
Productivity
is defined as the quantity of goods and services produced by…
13 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 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
17 terms
Economics
Economy
Gross Domestic Product
Gross Domestic Product Per Capita (GDP…
Infrastructure
the system in which people produce sell and buy things
The total value of the goods and services that a country prod…
The total value of the goods and services that a country prod…
The basic systems of society such as roads, bridges, sewers a…
Economy
the system in which people produce sell and buy things
Gross Domestic Product
The total value of the goods and services that a country prod…
10 terms
Economics
mercantilism
capitalism
favorable balance of trade
capital
System to create power and wealth for a Mother Country by acq…
System of personal ownership of business.
Country exports more than it imports
money used for business investments
mercantilism
System to create power and wealth for a Mother Country by acq…
capitalism
System of personal ownership of business.
16 terms
Economics
goods
services
distribution
producers
something that can be made or grown and can be bought and used
something that someone does for you like a haircut
to move goods from where they are made or grown to stores
people who make or grow goods or provide services
goods
something that can be made or grown and can be bought and used
services
something that someone does for you like a haircut
11 terms
Economics
economic system
economic activity
levels of economic activities
primary economic activities
the way a nation decide to produce and exchange goods or serv…
human actions that use natural resources to produce goods or…
all economic activities can be classified into 3 levels, base…
uses natural resources most directly (growing food, fishing,…
economic system
the way a nation decide to produce and exchange goods or serv…
economic activity
human actions that use natural resources to produce goods or…
172 terms
ECONOMICS
ancestor
shore
aggressors
wage
ata, cet
sahil , kıyı
saldırgan kimse, mütecaviz kimse, saldırgan ülke
Ücret, salary (maaş)
ancestor
ata, cet
shore
sahil , kıyı
14 terms
Economics
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
15 terms
Economics
Scarcity
choice
opportunity cost
Natural Resources
When what a group of people want or need something, but there…
Deciding on something you want when you have different options.
Making a choice to give up one thing in order to get somethin…
"Gifts of nature" that can be used to produce goods and servi…
Scarcity
When what a group of people want or need something, but there…
choice
Deciding on something you want when you have different options.
14 terms
Economics
Scarcity
Natural Resources
Labor
Capital
Being in short supply or shortage
Materials that occur in nature and can be used for economic g…
The people who do the work (both physical and mental)
Man-made tools, machines, or locations used in the manufactur…
Scarcity
Being in short supply or shortage
Natural Resources
Materials that occur in nature and can be used for economic g…
20 terms
Economics
Capital Resource
Natural Resource
Labor Resource
Capital
The tools, equipment, and buildings that are used to produce…
Materials or substances such as minerals, forests, water, and…
Individuals who make the goods and services for which they ar…
Money or property, especially when used in business to make m…
Capital Resource
The tools, equipment, and buildings that are used to produce…
Natural Resource
Materials or substances such as minerals, forests, water, and…
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 ......
19 terms
Economics
Economics
Economic Activities
Good
Service
the study of producing, distributing, and consuming goods and…
production, consumption, distribution, exchange of goods
item available for purchase; something you can see and touch
products fulfilled through the efforts of other people for a…
Economics
the study of producing, distributing, and consuming goods and…
Economic Activities
production, consumption, distribution, exchange of goods
89 terms
Economics
Scarcity
Comparative Advantage
Opportunity Cost
Production Possibilities Curve
The limited quantities of resources to meet unlimited wants,…
The ability of an individual, firm, or country to produce a g…
Cost of the next best alternative use of money, time, or reso…
A graph that describes the maximum amount of one good that ca…
Scarcity
The limited quantities of resources to meet unlimited wants,…
Comparative Advantage
The ability of an individual, firm, or country to produce a g…
21 terms
Economics
When price falls there is a movement a…
What are the 5 characteristics of Wants?
Wants Are...
Needs Are...
Changeable, Recurring, Complementary, Unlimited, Competitive.
Desire for goods and services for satisfaction.
Goods and services necessary for survival.
When price falls there is a movement a…
What are the 5 characteristics of Wants?
Changeable, Recurring, Complementary, Unlimited, Competitive.
15 terms
Economics
Opportunity cost
Wants
Needs
Import
The option first forgone. Apple and Orange example
Things we desire but are not necessary for survival
Things we require for survival
Goods brought into a country from another country
Opportunity cost
The option first forgone. Apple and Orange example
Wants
Things we desire but are not necessary for survival
16 terms
Economics-
barter
supply
capital resources
scarcity
A system of trade where a good or service is exchanged for an…
How much of something is available
Machinery, tools, factories, and equipment used in the produc…
The lack of a desirable resource that forces people to choose…
barter
A system of trade where a good or service is exchanged for an…
supply
How much of something is available
11 terms
economics
Supply
demand
opportunity cost
data set
How much of a good or service a producer is willing and able…
Consumer willingness and ability to buy products
The highest-valued alternative that must be given up to engag…
A group of individual values or bits of information that are…
Supply
How much of a good or service a producer is willing and able…
demand
Consumer willingness and ability to buy products
21 terms
Economics
ECONOMICS
SOCIAL SCIENCE
OPPORTUNITY COST
SCARCITY
Study of the PRODUCTION, DISTRIBUTION & CONSUMPTION of goods…
Is a science that looks at some aspect of HUMAN SOCIETY e.g.…
Is the item that must be done WITHOUT in order to get the ite…
The resources of the world are LIMITED but the needs/wants of…
ECONOMICS
Study of the PRODUCTION, DISTRIBUTION & CONSUMPTION of goods…
SOCIAL SCIENCE
Is a science that looks at some aspect of HUMAN SOCIETY e.g.…
34 terms
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
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