Study sets matching "economics"

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Study sets matching "economics"

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
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…
16 terms
Economics
Communist
Free Enterprise
Traditional
Socialist
Economic system where all decisions are made by the government
Economic system where producers make decisions
Economic system where decisions are based upon traditions
Economic system where decisions are based upon both governmen…
Communist
Economic system where all decisions are made by the government
Free Enterprise
Economic system where producers make decisions
16 terms
Economics
Communist
Free Enterprise
Traditional
Socialist
Economic system where all decisions are made by the government
Economic system where producers make decisions
Economic system where decisions are based upon traditions
Economic system where decisions are based upon both governmen…
Communist
Economic system where all decisions are made by the government
Free Enterprise
Economic system where producers make decisions
15 terms
Economics
consumer
producer
market
goods
Someone who buys and uses goods.
Someone who makes or grows something.
A place where people can make and sell goods.
Something you can use or hold in your hand.
consumer
Someone who buys and uses goods.
producer
Someone who makes or grows something.
Economics
Choose the set of countries that are a…
The size of the global economy at the…
Purchasing power parity is:
What is the definition of an instituti…
India, China, Thailand, Malaysia
$60 trillion
an adjustment made to the GDP to reflect differences in the c…
An institution-based view suggests that the success and failu…
Choose the set of countries that are a…
India, China, Thailand, Malaysia
The size of the global economy at the…
$60 trillion
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.
Economics
Capital Resource
Consumer
Currency
Demand
Goods that are used to make other goods or to provide service…
A person who uses/buys a good or service.
The type of money that a country uses to buy or trade things.
People's willingness to buy goods or services.
Capital Resource
Goods that are used to make other goods or to provide service…
Consumer
A person who uses/buys a good or service.
29 terms
Economics
Economics
Trade -Offs
Opportunity Cost
Thinking at the Margin
the study of how people make choices to satisfy their wants.
are all the alternatives that we give up whenever we choose o…
the most desirable alternative given up as a result of a deci…
when you decide how much more or less to do, you are thinking…
Economics
the study of how people make choices to satisfy their wants.
Trade -Offs
are all the alternatives that we give up whenever we choose o…
21 terms
Economics
economics
business
command economy
consumers
The study of how people and societies make choice about ways…
A company whose goal it is to make a profit.
An economic system where the government controls the economy.
Any person or group that buys or uses goods and services to s…
economics
The study of how people and societies make choice about ways…
business
A company whose goal it is to make a profit.
Economics
Producers
Consumers
Goods
Services
owners of a business and the workers
people who buy goods and services
products being made or grown... Ex: pencils, ipods, books, house…
jobs people do to help others... Ex: mechanic, teacher, waitress…
Producers
owners of a business and the workers
Consumers
people who buy goods and services
65 terms
Economics
Scarcity
Enclosure Movement
Barter
Guilds
is the fundamental economic problem of having seemingly unlim…
It was a cause of the industrial revolution in England. The e…
to trade by exchange of commodities rather than by the use of…
an organization of persons with related interests, goals, etc…
Scarcity
is the fundamental economic problem of having seemingly unlim…
Enclosure Movement
It was a cause of the industrial revolution in England. The e…
25 terms
Economics
needs
wants
economics
microeconomics
required for survival such as food and water
things you would like to have that makes life enjoyable
the study of how individuals and nations make choices about w…
economic decision making by an individual or a business
needs
required for survival such as food and water
wants
things you would like to have that makes life enjoyable
13 terms
Economics
need
want
good
service
something to survive
things you can touch and feel
things you do for others
need
something to survive
want
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
TC =
AFC =
MP =
ATC =
TFC+TVC
TFC/Q
Q/L
TC/Q
TC =
TFC+TVC
AFC =
TFC/Q
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
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.
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
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…
50 terms
Economics
Economy
A good
A service
Needs
How a country decides to produce goods/services and distribut…
Something you buy you can take with you like food, TVs, cars.
Something you pay for someone to do for you like cut your hai…
A Need is something you have to have to survive: food, clothi…
Economy
How a country decides to produce goods/services and distribut…
A good
Something you buy you can take with you like food, TVs, cars.
7 terms
Economics
needs
wants
goods
services
requirements for survival, such as food, clothing, and shelter
things you would like to have but are not necessary for survi…
Things people buy and use
Job done for money
needs
requirements for survival, such as food, clothing, and shelter
wants
things you would like to have but are not necessary for survi…
Economics
budget
consumer
goods
line graph
a plan to help people make personal economic decisions for th…
a person that purchases a good or service
products that are made or grown
a graph used to show changes in data over time
budget
a plan to help people make personal economic decisions for th…
consumer
a person that purchases a good or service
26 terms
Economics
Economics
Free Enterprise (Capitalism) e.g. USA,…
Centrally planned (Communism) e.g. Nor…
Mixed Economy e.g. Ireland
Is the study of how individuals, businesses and governments w…
The government places few restrictions on enterprise/business
Where the government owns, operates and manages production fa…
Has elements of both public and private enterprise, providing…
Economics
Is the study of how individuals, businesses and governments w…
Free Enterprise (Capitalism) e.g. USA,…
The government places few restrictions on enterprise/business
18 terms
Economics
economics
scarcity
goods
services
the production, distribution, and consumption of goods and se…
the limited quantities of resources to meet the needs of people
things that are bought and sold
actions or activities that one person performs for another
economics
the production, distribution, and consumption of goods and se…
scarcity
the limited quantities of resources to meet the needs of people
9 terms
ECONOMIC$
capital resources
economics
entrepeneur
human resources
Buildings, Tools, and Equipment
The study of how people use scarce resources to make goods
business people who organize productive resources.
Labor to produce goods
capital resources
Buildings, Tools, and Equipment
economics
The study of how people use scarce resources to make goods
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
28 terms
Economics
Adverb
Adjective
Preposition
Conjunction
A word that modifies a verb, adjective, or another adverb and…
A word that modifies a noun or pronoun
A word or phrase that shows the relationship of a noun to ano…
a word used to connect clauses or sentences or to coordinate…
Adverb
A word that modifies a verb, adjective, or another adverb and…
Adjective
A word that modifies a noun or pronoun
12 terms
Economics
Service
Natural resource
Capital resource
Human resource
Any activity that fulfills a human want or need and returns m…
Gifts of nature that make production possible
The tools, equipment, and buildings that are used to produce…
People who work to produce goods and services
Service
Any activity that fulfills a human want or need and returns m…
Natural resource
Gifts of nature that make production possible
Economics
Free Market/Capitalism
Communism
Agriculture
Industrial
economy is controlled by entrepreneurs for profit
economy controlled by the government like wages, distribution…
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
Communism
economy controlled by the government like wages, distribution…
Economics
Econmics
scarcity
Factors of Production
Trade off
study of how poeple use limited resources to satisfy unlimite…
A situation in which unlimited wants exceed the limited resou…
Land, Labor, Capital, Entrepreneurship
alternatives that must be given up when one is chosen over an…
Econmics
study of how poeple use limited resources to satisfy unlimite…
scarcity
A situation in which unlimited wants exceed the limited resou…
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
economics
profit
revenue
gross domestic product (GDP)
the study of how people meet their needs and wants
the money a company has left after subtracting the the costs…
the money earned by selling goods and services
the total value of all goods and services produced in a count…
economics
the study of how people meet their needs and wants
profit
the money a company has left after subtracting the the costs…
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
Economics
Scarcity
What are the three factors of producti…
What is economic?
Capitol goods
The condition that results from society not having enough res…
land... entrepreneurs ... capitol labor
The study of how of how people try to satisfy unlimited and c…
The tools, equipment, machinery and factories used in the pro…
Scarcity
The condition that results from society not having enough res…
What are the three factors of producti…
land... entrepreneurs ... capitol labor
Economics
advertising
capital
capital goods
competition
communication businesses use to promote their products
wealth used to produce goods or services
equipment and other things necessary for the production of go…
the contest between businesses to win customers
advertising
communication businesses use to promote their products
capital
wealth used to produce goods or services
20 terms
Economics
competition
consumer
demand
goods
a form of contest between two rivals
a person who uses a good or service
the amount of interest in a good or a service; how much peopl…
things that are bought and sold
competition
a form of contest between two rivals
consumer
a person who uses a good or service
10 terms
Economics
derived demand
diminishing marginal productivity
equilibrium wage rate
marginal physical product (MPP)
The demand for factors of production hat results from the dem…
At a certain point, adding another worker (or other factor of…
The percentage of people, 16 years of age or older who could…
The amount of additional product that is added to the total w…
derived demand
The demand for factors of production hat results from the dem…
diminishing marginal productivity
At a certain point, adding another worker (or other factor of…
21 terms
Economics
economics
scarcity
Entrepreneur
Natural Resources
how people deal with scarcity
not having enough resources to produce all of the things we w…
risk taking individuals who go into business to earn money.
"gifts of Nature" ex. land, water, minerals.
economics
how people deal with scarcity
scarcity
not having enough resources to produce all of the things we w…
18 terms
ECONOMICS
Economics
3 Big Questions of Economics
Microeconomics
Macroeconomics
study of how communities and/or societies decides what, how a…
WHAT to produce? ... HOW to produce it ? ... WHO will consume it?... W…
is the economic study of the behaviour of individuals or grou…
is the study of the economy as a whole. This is the Australia…
Economics
study of how communities and/or societies decides what, how a…
3 Big Questions of Economics
WHAT to produce? ... HOW to produce it ? ... WHO will consume it?... W…
11 terms
Economics
economy
wants
needs
goods
A system of production, consumption, and distribution.
something that people would like to have, but they do not nee…
something people must have to survive such as food & water, c…
things people sell or buy
economy
A system of production, consumption, and distribution.
wants
something that people would like to have, but they do not nee…
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
47 terms
economics
factor markets
goods market
capital markets
law of demand
-markets for factors of production
-markets for consumer goods and services
-refers to markets where firms raise money for investment by…
-quantity demanded typically is negatively related to price
factor markets
-markets for factors of production
goods market
-markets for consumer goods and services
20 terms
Economics
economics
goods
services
resources
the study of how people get the things they need (like food,…
objects people sell or buy; EXAMPLE: pencil, I-Pod, hamburger
activities people sell or buy; EXAMPLE: haircutting, car... wash…
supplies
economics
the study of how people get the things they need (like food,…
goods
objects people sell or buy; EXAMPLE: pencil, I-Pod, hamburger
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…
Economics
Economics
Economic Activity
Currency
Scarcity
Money and what we do with it...
Jobs people have
The bills and coins used as money in a country
Not enough for everyone
Economics
Money and what we do with it...
Economic Activity
Jobs people have
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.
16 terms
Economics
Scarcity
Resources
Choice
Opportunity Cost
the inability to satisfy all wants at the same time. All reso…
factors of production that are used in the production of good…
selecting an item or action from a set of possible alternativ…
whats given up when you make a choice
Scarcity
the inability to satisfy all wants at the same time. All reso…
Resources
factors of production that are used in the production of good…
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
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…
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