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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
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
20 terms
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.
20 terms
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…
24 terms
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.
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
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…
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
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…
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
10 terms
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
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…
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
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
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
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…
23 terms
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…
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…
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…
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
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…
13 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
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…
11 terms
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…
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…
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.
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…
Introduction to Economics
economy
economics
market economy
invisible hand
system from coordinating society's productive activities
social science that studies the production, distribution, and…
an economy in which decision about production and consumption…
refers to the way in which the individual pursuit of self-int…
economy
system from coordinating society's productive activities
economics
social science that studies the production, distribution, and…
75 terms
Economics Unit 1 - Introduction to Economics
Economics
Scarcity
Need
Want
the study of how people try to meet their unlimited needs and…
the condition that results from not having enough resources t…
Those goods and services that are necessary for survival
Those goods and services that people consume beyond what is n…
Economics
the study of how people try to meet their unlimited needs and…
Scarcity
the condition that results from not having enough resources t…
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…
33 terms
Introduction to Economics
Need
Want
Economics
Goods
Something like air, food, or shelter that is necessary for su…
An item that we desire but that is not essential to survival
The study of how people seek to satisfy their needs and wants…
Physical objects such as clothes or shoes
Need
Something like air, food, or shelter that is necessary for su…
Want
An item that we desire but that is not essential to survival
30 terms
Introduction to Economics
Economics
Goods
Services
Needs
The study of resources
Tangible (Fruits, Phones, Cars, etc...)
Intangible (Hair cuts, Car repairs, Surgery, etc...)
Basic requirements for living (Food, Shelter, Clothing, Water)
Economics
The study of resources
Goods
Tangible (Fruits, Phones, Cars, etc...)
17 terms
Introduction to Economics
Economics
Opportunity Cost
Factors of Production
Economic System
study of how scarce resources are used to produce the goods a…
cost of forgone alternatives
those resources which are used in the production of goods and…
way a country uses its factors of production to produce goods…
Economics
study of how scarce resources are used to produce the goods a…
Opportunity Cost
cost of forgone alternatives
18 terms
Introduction to Economic Thinking
opportunity cost
scarcity
factors of production
types of captial
the value/cost of all foregone choices of any economic decision
describes the idea that resources are limited
land, labor, capital, entrepreneurship
human capital, physical capital, financial capital, natural c…
opportunity cost
the value/cost of all foregone choices of any economic decision
scarcity
describes the idea that resources are limited
14 terms
Introduction to economics
Economics
Economics
Resources
consumer
Focuses on how goods and services are produced and distribute…
is study of how people and groups use limited resourced to me…
may be raw materials, labor, land, equipment and anything els…
people whose wants and needs are satisfied by using goods and…
Economics
Focuses on how goods and services are produced and distribute…
Economics
is study of how people and groups use limited resourced to me…
10 terms
Introduction to Economics
Economics
Needs
Wants
Opportunity Cost
The study of how the economy uses scarce resources to satisfy…
The items we must have in order to survive.
The items we would like to have but are not necessary for our…
The best alternative foregone when a choice is made.
Economics
The study of how the economy uses scarce resources to satisfy…
Needs
The items we must have in order to survive.
23 terms
Introduction to economics
Economy
Economics
Wants
Need
An area in which people make and purchase goods and services
allocation of scarce resources among competing needs and wants
something that is desired, but not necessary to live.
something that is necessary for organisms to live a healthy l…
Economy
An area in which people make and purchase goods and services
Economics
allocation of scarce resources among competing needs and wants
13 terms
Introduction to Economics
Entrepreneur
Sole proprietorship
Partnership
Corporation
Ambitious individual who combines land, labor, and capital to…
Business owned and usually operated by one person who is resp…
A business with two or more owners who share in the operation…
A group of people who invest money to start a business and sh…
Entrepreneur
Ambitious individual who combines land, labor, and capital to…
Sole proprietorship
Business owned and usually operated by one person who is resp…
39 terms
Unit 7 Introduction to Economics
Economic system
Scarcity
Producers
Opportunity Cost
the structure of methods and principles that a society uses t…
the principle that limited amounts of goods and services are…
the companies or individuals who make or provide goods and se…
the value of what you are willing to give up (the next best c…
Economic system
the structure of methods and principles that a society uses t…
Scarcity
the principle that limited amounts of goods and services are…
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
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,…
10 terms
Introduction to Economics
Economy
Economics
Market Economy
Command Economy
The activities that create the goods and services people want…
The study of economies, at the level both of individuals and…
Production and consumption are the result of decentralized de…
There is a central authority making decisions about productio…
Economy
The activities that create the goods and services people want…
Economics
The study of economies, at the level both of individuals and…
27 terms
Introduction to Economics
wants
economics
resource
scarcity
desire individuals and nations have that can be met by gettin…
the study of how individuals and nations make choices about w…
a thing that can be used-natural, capital, and labor resource…
the situation of not having enough resources to satisfy all o…
wants
desire individuals and nations have that can be met by gettin…
economics
the study of how individuals and nations make choices about w…
25 terms
Introduction to Economics
Economics
Scarcity
Wants
Needs
the study of how individuals and societies make choices about…
not enough resources to satisfy all of the wants that people…
things that you would enjoy having, but do not need in order…
things that are necessary for survival (ex: water, air, shelt…
Economics
the study of how individuals and societies make choices about…
Scarcity
not enough resources to satisfy all of the wants that people…
32 terms
Introduction to Economics
Definition of Economics
Important Themes of Economics
Scarcity
Absolute scarcity
Economics is the study of how societies use scarce resources…
Scarcity... Efficiency and Equity... Incentives
Absolute scarcity ... Relative scarcity
condition of deprivation based on an absolute standard
Definition of Economics
Economics is the study of how societies use scarce resources…
Important Themes of Economics
Scarcity... Efficiency and Equity... Incentives
introduction to economics
All choices are organized in what call…
Economy
An economy exist because...
Economics
economy
the wealth and resources of a country or region, especially i…
At the same time, an economy acts to organize choices
N. the study of how individuals and societies satisfy their u…
All choices are organized in what call…
economy
Economy
the wealth and resources of a country or region, especially i…
33 terms
Introduction to Economics
Wants
Economics
Resources
Scarcity
desires that people have that can be met by getting a product…
the study of how individuals and nations make choices about w…
all things that can be used—natural resources, labor, buildin…
the situation of not having enough resources to satisfy all o…
Wants
desires that people have that can be met by getting a product…
Economics
the study of how individuals and nations make choices about w…
23 terms
Introduction to Economics
economics
Scarcity exists because
Factors of Production
Entrepreneurs
managing a household... the study of how people seek to satisfy…
we have limited resources and unlimited wants
are used in the production of goods and services... Resources us…
are leaders who combine all the factors of production to crea…
economics
managing a household... the study of how people seek to satisfy…
Scarcity exists because
we have limited resources and unlimited wants
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