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Economics ch 1 and 2

Economics Ch 1 and 2

QuestionAnswer
this exists when demand is greater than the supply scarcity
the study of limited resources are used to fulfill unlimited wants. Economics
resources needed to produce goods and services factors of production
natural resources present without human intervention, such as land, water, fish, minerals... land
the work people do labor
activities done for a fee services
tangible items that people buy goods
manufactured goods used to make other goods and services, such as tools or machinery. Investments are also included in this category. capital (physical)
the ability to produce greater quantities of goods and services in better and faster ways. productivity
the ability to start a new business, introduce new products and take risks to make a profit by utilizing the factors of production entrepreneurship
the value of the next best alternative given up to do the action that was chosen opportunity cost
exchanging one thing for use of another, such as buying a soda. trade off
model used by economists so show the maximum combination of goods and services that can be produced from a fixed amount of resources in a given amount of time. They can help businesses determine what to produce production possibility curve
simplified represenations of the real world economic models
This economy tries to create a classless society, where governemnt offers a high degree of aid and services, however tax rates may be very high to pay for such programs. Socialism
This economic theory, born in Europe during the Industrial Revolution, advocated a classless society led by workers after a violent revolution by the working class. Communism (Marxism)....fyi, Marx lost several children during that time due to starvation.
temporary condition of not having enough resources shortage
any use of land, labor or capital to produce goods more efficiently technology
everything other than basic survival needs want
when resources are not used efficiently; aka recession underutilization
material well being of a person, group or nation standard of living
the attempt to balance an economic policy so that everyone benefits fairly economic equity
the wise use of available resources so that costs do not exceed benefits economic efficiency
economic philosophy in which the government minimizes its interference in the economy laissez faire
money left after all costs have been paid (wages, taxes, bills...) profit
desire to make money that motivates people to produce and sell goods profit incentive
economic system where private individuals own the factors of production capitalism/market economy/free enterprise
economic system combining characteristics of a command and a market economy (government ownership of major industries with a degree of small privately owned businesses) socialism
economic system in which individuals own the factors of production (aka capitalism) free enterprise system
economic system based on customs passed down from generation to generation traditional economy
economic system in which the gov't owns all of the factors of production command economy (Communism)
way in which a nation uses its resoureces to satisfy it people's needs and wants economic systems
graph showing the maximum combination of goods and services that can be produced from a fixed amount of resources in a given periodof time production possibilities curve
whatever is owned by an individual instead of the gov't private property
rivalry among producers or sellers of similar products to win more business competition
Benefit of this economic system is the speed of decision making, such a rerouting resources. However, consumers have few choice and rights. Communism
Advantages of this system include profit incentive and private property, but not all needs are met. Free Enterprise
Created by: davislauren
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