How can we help?

You can also find more resources in our Help Center.

Study sets matching "economics"

Study sets
Classes
Users

Study sets matching "economics"

21 terms
Economics
Scarcity
Opportunity Cost
Rationality
Positive Economics
an inescapable fact of human existence that results from the…
the cost of any choice is what must be given up by making tha…
when individual choices are made by comparing the benefits an…
the use of the tools of economic analysis to describe and exp…
Scarcity
an inescapable fact of human existence that results from the…
Opportunity Cost
the cost of any choice is what must be given up by making tha…
14 terms
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…
18 terms
Economics
Capital Resources
Consumers
Economic Wants
Good
goods produced and used to make other goods or services
people who buy goods and services
desires that can be satisfied by consuming a good, service, o…
an object people want that they can touch or hold
Capital Resources
goods produced and used to make other goods or services
Consumers
people who buy goods and services
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
23 terms
Economics
Economics
Supply
Demand
Cost-benefit analysis
Study of how resources are converted into goods and services
Quantity produced when sold at a given price
Quantity purchased at a given price
Comparing what will be gained and what will be sacrificed
Economics
Study of how resources are converted into goods and services
Supply
Quantity produced when sold at a given price
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
9 terms
Economics
economics
money
economic activities
goods
part of society that creates wealth
what we use to buy goods and services.
ways people make a living.
things that are made or grown
economics
part of society that creates wealth
money
what we use to buy goods and services.
10 terms
Economics
Opportunity Cost
barter
specilaization
trade
What you give up when you decide to have something else
trading without the use of money
being good or the best at making something
to buy and sell goods using money
Opportunity Cost
What you give up when you decide to have something else
barter
trading without the use of money
10 terms
Economics
economics
scarcity
resources
choice
study of making and using goods and services
not having enough resources
money, people, materials
something chosen
economics
study of making and using goods and services
scarcity
not having enough resources
12 terms
Economics
consumers
currency
goods
producers
people who buy goods and services
coins and bills used to buy goods and services
products made or grown by producers; will be purchased by con…
people who make or grow or create goods
consumers
people who buy goods and services
currency
coins and bills used to buy goods and services
34 terms
Economics
Money
Goods
Services
Inflation
Any item that can be traded for goods or services
Anything that has value that can be touched
Job done for money
When there is too much money and it becomes worthless
Money
Any item that can be traded for goods or services
Goods
Anything that has value that can be touched
20 terms
Economics
barter
command economy
market economy
profit
To exchange goods or services without the use of money
An economic system in which the government controls a country…
an economic system based on free enterprise, in which busines…
the amount of money left over after expenses are taken out
barter
To exchange goods or services without the use of money
command economy
An economic system in which the government controls a country…
8 terms
Economics
human resources
capital resources
natural resources
someone who provides a service
human resources
capital resources
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…
15 terms
Economics
Full Employment
Cost Push
Hyper-Inflation
Inflation
Employment when there is no cyclical unemployment
Inflation caused by rising resource costs
Extreme out of control inflation
Increase in overall price level
Full Employment
Employment when there is no cyclical unemployment
Cost Push
Inflation caused by rising resource costs
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…
11 terms
Economics
budget
Income
Supply
Demand
a plan that shows income, spending, and saving
all the money a person gets from a job or other source
the amount of a product for sale at a certain price
The amount of goods or a service that people want and can pay…
budget
a plan that shows income, spending, and saving
Income
all the money a person gets from a job or other source
26 terms
Economics
Command Economy
Free Enterprise
Innovation
Entrepreneurship
An economy in which production, investment, prices, and incom…
An economic system in which the prices for goods and services…
A new method, idea, product, etc
The process of designing and launching a business
Command Economy
An economy in which production, investment, prices, and incom…
Free Enterprise
An economic system in which the prices for goods and services…
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…
Economics
producer
consumer
scarcity
profit
someone that MAKES good and services
someone who USES goods and services
not enough resources
money a company makes
producer
someone that MAKES good and services
consumer
someone who USES goods and services
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…
8 terms
Economics
aristocrats
lag
first world
income
upper class person
to fall behind
industrialized countries
money received
aristocrats
upper class person
lag
to fall behind
economics
Mass Production
Productivity
Price Incentive
Economics
manufacturing goods in large quantities
Value of a particular product compared to the amount of labor…
encourage people to buy or produce goods and services; low pr…
the study of how people use resources to meet their wants and…
Mass Production
manufacturing goods in large quantities
Productivity
Value of a particular product compared to the amount of labor…
33 terms
economics
economic growth
GDP-Gross Domestic Product
Economies of scale
dividends
Economic growth is the increase in the market value of the go…
The gross domestic product (GDP) is one the primary indicator…
In microeconomics, economies of scale are the cost advantages…
A dividend is a payment made by a corporation to its sharehol…
economic growth
Economic growth is the increase in the market value of the go…
GDP-Gross Domestic Product
The gross domestic product (GDP) is one the primary indicator…
16 terms
Economics
Trade
Trade Barriers
Entrepreneur
Human Capital
money used in particular country to buy goods and services.
ways of limiting trade by tariffs,quotas, or embargoes.
one who risks his or her own money, time, ideas, and energy t…
workers of a business or country including their education, t…
Trade
money used in particular country to buy goods and services.
Trade Barriers
ways of limiting trade by tariffs,quotas, or embargoes.
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
20 terms
Economics
Currency
Goods
Services
Income
the form of money that people in a country use
things people buy or sell
forms of work people do for other people
money people earn for work
Currency
the form of money that people in a country use
Goods
things people buy or sell
20 terms
Economics
goods
services
producer
consumer
items made to sell
things people do for others for money
a person who makes goods or provides services
person who buys goods or services
goods
items made to sell
services
things people do for others for money
Economics
production
consumption
distribution
costs
process of making a good
process of buying and using a good
process of getting goods to a location to be purchased by con…
what you give up in order to produce a product
production
process of making a good
consumption
process of buying and using a good
11 terms
Economics
Demand
Law of Demand
Substitution Effect
Income Effect
An economic principle that describes a consumer's desire and…
As the price of a good or service increases, consumer demand…
The idea that as prices rise consumers will replace expensive…
The change in an individual's or economy's income and how tha…
Demand
An economic principle that describes a consumer's desire and…
Law of Demand
As the price of a good or service increases, consumer demand…
54 terms
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…
10 terms
Economics
opportunity cost
price incentive
specialization
voluntary exchange
choice between things to buy
benefit given to get someone to buy something
an efficient way to work; makes cost lower
buyers and sellers willingly buying and selling from one anot…
opportunity cost
choice between things to buy
price incentive
benefit given to get someone to buy something
18 terms
Economics
economy
currency
trade
barter
the way people make, buy, use, and sell things
money
give something for another thing
trade something without using money
economy
the way people make, buy, use, and sell things
currency
money
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
10 terms
Economics
Barter
Service
Good
Demand
Means "to trade".
Any kind of work performed for others.
Something you can feel, or any kind of merchandise.
Wanted by manycustomers.
Barter
Means "to trade".
Service
Any kind of work performed for others.
16 terms
economics
wants
needs
scarcity
economics
desires that can e satisfied by consuming a good or a service
things for survival
a situation when there aren't enough resources to satisfy hum…
the study of how individuals and societies satisfy their unli…
wants
desires that can e satisfied by consuming a good or a service
needs
things for survival
53 terms
Economics
Account
Barter
Budget
Capital Resources
A record of money deposited or withdrawn from a bank.
To trade goods and services without using money.
A plan showing how income is to be spent.
Goods made and used to produce other goods and services.
Account
A record of money deposited or withdrawn from a bank.
Barter
To trade goods and services without using money.
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…
12 terms
Economics
Scarcity
Factors of Production
Needs
Wants
A limited supply
Include land, labor, capital and entrepreneurship.
Something you have to have, something you can't do without.
Something you would like but you do not really need.
Scarcity
A limited supply
Factors of Production
Include land, labor, capital and entrepreneurship.
11 terms
Economics
economics
supply
demand
goods
the study of how society manages its scarce resources
the quantity of a commodity that is in the market and availab…
the desire to purchase, coupled with the power to do so.
articles of trade; wares; merchandise:
economics
the study of how society manages its scarce resources
supply
the quantity of a commodity that is in the market and availab…
54 terms
economics
Federal Taxes
income taxes on individuals
Income taxes on corporation
Excise taxes
4 types... 1. income taxes on individuals... 2. income taxes on cor…
this is a complex system bc of demands for various exemptions…
same complexity of exemptions and rates exists for corporatio…
these are taxes on specific goods such as tobacco, liquor, au…
Federal Taxes
4 types... 1. income taxes on individuals... 2. income taxes on cor…
income taxes on individuals
this is a complex system bc of demands for various exemptions…
16 terms
Economics
Economics
consumer
Producer
Import
The process or system by which goods and services are produce…
A person who buys goods and services.
Someone who is in charge of making the good.
Commodities (goods or services) bought from a foreign country.
Economics
The process or system by which goods and services are produce…
consumer
A person who buys goods and services.
24 terms
Economics
Consumer
Cost
Credit
Currency
A person who buys goods or services
The price of buying goods or services
Money loaned, usually for a fee, that must be paid back.
Any kind of money that is used as a medium of exchange
Consumer
A person who buys goods or services
Cost
The price of buying goods or services
16 terms
Economics
Economics
Sustainability
Endemic
Population Pyramid
The knowledge concerned with the production, consumption, and…
The rate at which Australia's economy can grow its production…
Plant or animal that is native or restricted to a certain pla…
A graph that shows the distribution of various age groups in…
Economics
The knowledge concerned with the production, consumption, and…
Sustainability
The rate at which Australia's economy can grow its production…
37 terms
economics
economics
economy
economic
economical
экономика (наука)
экономика в стране
экономический
экономный
economics
экономика (наука)
economy
экономика в стране
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…
23 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
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
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…
17 terms
Economics
Adam Smith's Pin Factory
Economics
Circular Flow Diagram
"quid pro quo"
"Division of labor is limited by the size of the market."
The process of answering three questions; what how, and for w…
Diagram that shows how households and firms are related by th…
Latin for "this for that"
Adam Smith's Pin Factory
"Division of labor is limited by the size of the market."
Economics
The process of answering three questions; what how, and for w…
4 of 10