Study sets matching "intro economics"

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Study sets matching "intro economics"

51 terms
Introduction to Economics
scarcity
How do we deal with scarcity?
Opportunity cost
Scarcity
Limited resources and unlimited wants
make choices
What you give up when you make a choice
scarcity
Limited resources and unlimited wants
How do we deal with scarcity?
make choices
Introduction to Economics
Scarcity
Economics
Microeconomics
Macroeconomics
means that society has limited resources and therefore cannot…
the study of how society manages its scarce resources
the study of how people make decisions that affect others in…
the study of the economy as a whole.
Scarcity
means that society has limited resources and therefore cannot…
Economics
the study of how society manages its scarce resources
Introduction to Economics
public goods
laissez-faire capitalism
Keynesians
monetarists
Goods and services that are provided by the government becaus…
An economic system in which the means of production and distr…
Followers of the economic theories of John Maynard Keynes, wh…
Followers of economic theories that contend that the role of…
public goods
Goods and services that are provided by the government becaus…
laissez-faire capitalism
An economic system in which the means of production and distr…
Economics Unit 1: Introduction to Economics
Need
Want
Economics
Goods
Something that is required for survival. Shelter, food, cloth…
Something that is not required for survival.
the social science that seeks to describe the factors which d…
Articles of trade or merchandise.
Need
Something that is required for survival. Shelter, food, cloth…
Want
Something that is not required for survival.
Economics Unit 1: Introduction to Economics
Need
Want
Economics
Goods
Something that is required for survival. Shelter, food, cloth…
Something that is not required for survival.
the social science that seeks to describe the factors which d…
Articles of trade or merchandise.
Need
Something that is required for survival. Shelter, food, cloth…
Want
Something that is not required for survival.
15 terms
Introduction to Economics
scarcity
factors of production (CELL)
marginal cost
marginal benefit
limited resources with unlimited wants
things used to make all goods and services; land, capital, la…
what it cost per item; amount it cost to get to the next leve…
what you get (i.e. utility, satisfaction) from the next level…
scarcity
limited resources with unlimited wants
factors of production (CELL)
things used to make all goods and services; land, capital, la…
30 terms
Introduction to Economics
economics
goods
services
scarcity
what people need and want and how we share limited resources
products that people buy
things people pay others to do for them
not being able to meet everyone's wants and needs
economics
what people need and want and how we share limited resources
goods
products that people buy
28 terms
Introduction to Economics
Barter
Choice
Capital
Capitalism
exchange goods without involving money
one of a number of things from which only one can be chosen
wealth in the form of money or property owned by a person or…
an economic system based on private ownership of capital
Barter
exchange goods without involving money
Choice
one of a number of things from which only one can be chosen
Introduction to Economics
scarcity
How do we deal with scarcity?
Opportunity cost
Scarcity
Limited resources and unlimited wants
make choices
What you give up when you make a choice
scarcity
Limited resources and unlimited wants
How do we deal with scarcity?
make choices
Economics Introduction
Capitalism
Socialism
Market System
Command System
An economic system based on private ownership of capital
A system in which society, usually in the form of the governm…
Private individuals and firms control all resources and the p…
The government controls all markets determining what to produ…
Capitalism
An economic system based on private ownership of capital
Socialism
A system in which society, usually in the form of the governm…
21 terms
Introduction to Economics
Economics
Needs
Wants
scarcity
social science dealing with the study of how people satisfy s…
the things that a person has to have to survive.... Food... Water... S…
those things that you would like, but do not need to survive
A situation in which unlimited wants exceed the limited resou…
Economics
social science dealing with the study of how people satisfy s…
Needs
the things that a person has to have to survive.... Food... Water... S…
49 terms
Economics: Introduction
Barter
Choice
Capital
Capitalism
exchange goods without involving money
one of a number of things from which only one can be chosen
wealth in the form of money or property owned by a person or…
an economic system based on private ownership of capital
Barter
exchange goods without involving money
Choice
one of a number of things from which only one can be chosen
Introduction to Economic
Economics
Opportunity Cost
Scarcity
Choice
the study of how individuals and society try to satisfy unlim…
the next best alternative given up when making a choice
we never seem to have enough money, skills or time to satisfy…
a decision between alternatives that results from the conditi…
Economics
the study of how individuals and society try to satisfy unlim…
Opportunity Cost
the next best alternative given up when making a choice
31 terms
Introduction Economics
Economics
scarcity
opportunity cost
command economy
study of how people and societies use limited resources to sa…
A situation in which unlimited wants exceed the limited resou…
The highest-valued alternative that must be given up to engag…
An economic system in which the government controls a country…
Economics
study of how people and societies use limited resources to sa…
scarcity
A situation in which unlimited wants exceed the limited resou…
18 terms
Introduction to Economics
Natural Resources
Production
Supply
Private
Items from nature used in making a product or service
Combining resources to make goods or provide services
The amount of goods or services producers are willing to make…
Owned or provided by individuals or businesses
Natural Resources
Items from nature used in making a product or service
Production
Combining resources to make goods or provide services
13 terms
Introduction to Economics
Economics
Goods
Services
Producer
the study of why people make one choice rather than another w…
things that can be seen or touched
useful work that cannot be seen or touched
business owners, managers, or workers who make the goods or s…
Economics
the study of why people make one choice rather than another w…
Goods
things that can be seen or touched
13 terms
Introduction to Economics
Scarcity
Economics
Need
Want
Fundamental economic problem facing all societies that result…
Social science dealing with the study of how people satisfy s…
Basic requirement for survival; includes food, clothing, and…
Something we would like to have but that is not necessary for…
Scarcity
Fundamental economic problem facing all societies that result…
Economics
Social science dealing with the study of how people satisfy s…
20 terms
Introduction to Economics
Scarcity
Economics
Microeconomics
Macroeconomics
means that society has limited resources and therefore cannot…
the study of choices
the study of how people make decisions that affect others in…
the study of the economy as a whole.
Scarcity
means that society has limited resources and therefore cannot…
Economics
the study of choices
21 terms
Introduction to Economics
economic system
command system
market system
private property
A particular set of institutional arrangements and a coordina…
A method of organizing an economy in which property resources…
All the product and resource markets of a market economy and…
The right of private persons and firms to obtain, own, contro…
economic system
A particular set of institutional arrangements and a coordina…
command system
A method of organizing an economy in which property resources…
10 terms
Introduction to Economics
economics
need
want
scarcity
the study of how people satisfy their wants with the careful…
something that is a basic requirement for survival (food, clo…
something that is not a requirement for survival but somethin…
the basic economic problem of having seemingly unlimited huma…
economics
the study of how people satisfy their wants with the careful…
need
something that is a basic requirement for survival (food, clo…
12 terms
Introduction to Economics
Consumer
Business
Needs
Goods
A person who uses goods or services
Any commercial activity that seeks profit by providing goods…
Things that you must have in order to survive.
These are physical products, such as tires, groceries, and ph…
Consumer
A person who uses goods or services
Business
Any commercial activity that seeks profit by providing goods…
13 terms
Introduction to Economics
Capitalism
Communism
Command Economy
Complementary Goods and Services
an economic system based on private ownership of capital
a form of socialism that abolishes private ownership
An economic system in which the government controls a country…
Goods and/or services that are typically used together, such…
Capitalism
an economic system based on private ownership of capital
Communism
a form of socialism that abolishes private ownership
32 terms
Economics Introduction
After subtracting costs from earnings…
Are the advisors for NSA EPA part of t…
Create a scenario of a person who woul…
Define and give an example of an indep…
Net income
Yes, they both are.
Lower class people wanting higher taxes on the rich because o…
They operate as regulatory and service agencies to oversee fe…
After subtracting costs from earnings…
Net income
Are the advisors for NSA EPA part of t…
Yes, they both are.
Introduction to Economics
Need
Want
opportunity cost
economics
a need is immediate e.g. food, water, shelter. something that…
anything in excess of needs which is not necessary for surviv…
is the cost of foregone alternatives (choices)
is a social science which studies the allocation of scarce re…
Need
a need is immediate e.g. food, water, shelter. something that…
Want
anything in excess of needs which is not necessary for surviv…
13 terms
Introduction to Economics
Capital Resources
Distribution of Income
Economic Growth
Economic Problem
human-made goods that are used to produce other goods and ser…
the way income is distributed among the population in a country
where there is a increase in real GDP
how best to use resources to satisfy unlimited consumer wants.
Capital Resources
human-made goods that are used to produce other goods and ser…
Distribution of Income
the way income is distributed among the population in a country
Introduction to Economics
Opportunity Cost
Economics
Market
Producers
The option given up when you choose to use your scarce resour…
The study of how people make choices on how to use scarce res…
The kind of economy where individuals and businesses own the…
People who make/offer goods and services
Opportunity Cost
The option given up when you choose to use your scarce resour…
Economics
The study of how people make choices on how to use scarce res…
15 terms
introduction to economics
want
resource
scarcity
opportunity cost
things people desire to have
objects needed to produce the goods and services to satisfy o…
when our wants are greater than our resources to satisfy them.
most valued opportunity or alternative you give up to do some…
want
things people desire to have
resource
objects needed to produce the goods and services to satisfy o…
52 terms
Introduction to Economics
Economic Freedom
Economic Equality
Economic Security
Economic Stability (Price Stability)
Americans traditionally place a high value on the freedom to…
Americans have a strong tradition of justice, impartiality, a…
Americans desire protection from bad economic events - layoff…
People want to keep prices stable and limit inflation because…
Economic Freedom
Americans traditionally place a high value on the freedom to…
Economic Equality
Americans have a strong tradition of justice, impartiality, a…
Introduction to Economics
scarcity
How do we deal with scarcity?
Opportunity cost
Scarcity
Limited resources and unlimited wants
make choices
What you give up when you make a choice
scarcity
Limited resources and unlimited wants
How do we deal with scarcity?
make choices
MacroEconomics Introduction
economic scarcity
factors of production
macroeconomics
production possibilities curve
fundamental economic problem of having seemingly unlimited hu…
Land, labor, capital and entrepreneurship; the four groups of…
Examines economy as whole or its basic subdivisions/aggregate…
A curve showing the different combinations of two goods or se…
economic scarcity
fundamental economic problem of having seemingly unlimited hu…
factors of production
Land, labor, capital and entrepreneurship; the four groups of…
Introduction to Economics
scarcity
How do we deal with scarcity?
Opportunity cost
Scarcity
Limited resources and unlimited wants
make choices
What you give up when you make a choice
scarcity
Limited resources and unlimited wants
How do we deal with scarcity?
make choices
93 terms
Economics Unit 1: Introduction to Economics
Need
Want
Goods
Services
Something essential for survival.
Something that people desire but that is not necessary for su…
The physical objects that someone produces.
The actions or activities that one person performs for another.
Need
Something essential for survival.
Want
Something that people desire but that is not necessary for su…
21 terms
Economics: Introduction
need
want
goods
services
something essential for survival
something that people desire but that is not necessary for su…
the physical objects that someone produces
the actions or activities that one person performs for another
need
something essential for survival
want
something that people desire but that is not necessary for su…
Introduction to economics
What is economics
What is macroeconomics
Microeconomics
What are resources
The study of how individuals and societies make decisions abo…
The big picture: growth, employment, etc. ... Choices made by la…
How do individuals make economic decisions.
The things used to make other goods.
What is economics
The study of how individuals and societies make decisions abo…
What is macroeconomics
The big picture: growth, employment, etc. ... Choices made by la…
39 terms
Introduction to economics
What is Economics?
What is Macroeconomics?
What is Microeconomics?
What is scarcity?
the study of how individuals and societies make decisions on…
The big picture: growth of employment. Big companies and worl…
How individuals make economic decisions.
unlimited wants and needs but limited resources.
What is Economics?
the study of how individuals and societies make decisions on…
What is Macroeconomics?
The big picture: growth of employment. Big companies and worl…
20 terms
Introduction to Economics
Scarcity
Wants
Needs
Goods
idea that world's natural resources are limited and our wants…
Video Games, Phone, Wifi, Candy, Fast Car, Big House
Food, Water, Oxygen, Shelter, Clothing
thing you buy
Scarcity
idea that world's natural resources are limited and our wants…
Wants
Video Games, Phone, Wifi, Candy, Fast Car, Big House
Economics Introduction
Capitalism
Socialism
Market System
Command System
an economic and political system in which a country's trade a…
A political and economic theory of social organization that a…
A system in which economic decisions and the pricing of goods…
The government determines what goods should be produced, how…
Capitalism
an economic and political system in which a country's trade a…
Socialism
A political and economic theory of social organization that a…
Economics Introduction
Capitalism
Socialism
Market System
Command System
An economic system based on private ownership of capital
A system in which society, usually in the form of the governm…
Private individuals and firms control all resources and the p…
The government controls all markets determining what to produ…
Capitalism
An economic system based on private ownership of capital
Socialism
A system in which society, usually in the form of the governm…
11 terms
Economics (Introduction)
HOW TO ANSWER AN EXAM QUESTION
Factors of Production
Opportunity Cost
Production Possibility Curve (PPC/PPF)
Content - define the key economic terms... Application - Set up…
Land (Natural Resources)/Labour (workers)/Capital (Money & Eq…
the benefit foregone (lost) from not choosing the next best a…
HOW TO ANSWER AN EXAM QUESTION
Content - define the key economic terms... Application - Set up…
Factors of Production
Land (Natural Resources)/Labour (workers)/Capital (Money & Eq…
Economics Introduction
Economy
Resources
Factors of Production
Infrastructure
The organized way a nation provides for the needs and wants o…
All the things used in the production of goods and services
Another name for resources
The physical development of a country
Economy
The organized way a nation provides for the needs and wants o…
Resources
All the things used in the production of goods and services
Economics: introduction
Scarcity
Economics
Need
Want
Economic problem facing all societies resulting from a combin…
Study of how people try to satisfy seemingly unlimited and co…
Basic requirement for survival: food, clothing, and shelter
Something we would like to have but is not necessary for surv…
Scarcity
Economic problem facing all societies resulting from a combin…
Economics
Study of how people try to satisfy seemingly unlimited and co…
Introduction to Economics
What is economics
What is Macroeconomics?
What is microeconomics?
What are resources?
the study of how individuals and societies make decisions abo…
The big picture, growth , employment, etc.... Choices made by la…
How do individuals make economics decisions
Things used to make other goods.
What is economics
the study of how individuals and societies make decisions abo…
What is Macroeconomics?
The big picture, growth , employment, etc.... Choices made by la…
14 terms
Economics Unit 1: Introduction to Economics
Need
Want
Economics
Scarcity
Something that is required for survival. Shelter, food, cloth…
Something that is not required for survival.
the social science that seeks to describe the factors which d…
insufficiency or shortage of supply.
Need
Something that is required for survival. Shelter, food, cloth…
Want
Something that is not required for survival.
Introduction to Economics
Factors of Production
Trade-off
Scarcity
Technology
Land, labor and capital
the act of giving up one benefit in order to gain another gre…
limited amounts of goods and services (resources) to meet unl…
Airlines use computers in addition to human attendants. The c…
Factors of Production
Land, labor and capital
Trade-off
the act of giving up one benefit in order to gain another gre…
Economics - Introduction
economy
economics
market economy
invisible hand
a system for coordinating society's productive activities
the study of economies at the level of both individuals and s…
economy in which decisions about production and consumption a…
the way in which individual pursuit of self-interest can lead…
economy
a system for coordinating society's productive activities
economics
the study of economies at the level of both individuals and s…
Introduction to Economics
Economics
Economy
Economic Enigma
Scarcity
The study of how people choose to use their limited resources…
A system used to manage limited resources for the production,…
A puzzle or riddle that may be explained through economic ana…
People have limited resources but unlimited wants, so they ar…
Economics
The study of how people choose to use their limited resources…
Economy
A system used to manage limited resources for the production,…
19 terms
Introduction to Economics
Economics
Economy
Economic Enigma
Scarcity
The study of how people choose to use their limited resources…
A system used to manage limited resources for the production,…
A puzzle or riddle that may be explained through economic ana…
The condition that results because people have limited resour…
Economics
The study of how people choose to use their limited resources…
Economy
A system used to manage limited resources for the production,…
30 terms
Introduction to Economics
Economics
Goods
Services
Producer
the study of why people make once choice rather than another…
things that can be seen or touched
useful work that cannot be seen or touched
business owners, managers, or workers who make the goods or s…
Economics
the study of why people make once choice rather than another…
Goods
things that can be seen or touched
introduction to economics
economics
free market
supply and demand, profit motive, and…
supply and demand
the study or science of how we make decisions in a world wher…
interaction of buyers and sellers without restricitons
what are the reason things cost what they cost in a market ec…
what are the principles in a market economy?
economics
the study or science of how we make decisions in a world wher…
free market
interaction of buyers and sellers without restricitons
11 terms
Introduction to Economics
macroeconomic
microeconomic
factors of production
land
Looking at the larger economy; more comprehensive topics, iss…
Looking at one part of the economy
...
The natural resources used in the production of goods and ser…
macroeconomic
Looking at the larger economy; more comprehensive topics, iss…
microeconomic
Looking at one part of the economy
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