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Intro to Econ
Midyear Prep
| Question | Answer |
|---|---|
| capital resources | man-made resources, refined items: vehicles, hammer, hydroflasks |
| economics | the study of how to allocate (use) our limited resources to meet our infinite desires. |
| entrepreneur | a person who takes resources and takes the risk to make things/start a business; produces an idea, provides resources, then RISKS the resources to make the idea happen |
| factors of production | 1. Natural resources 2. Human resources 3. Capital resources 4. Entrepreneurship |
| human resources | Jobs/labor/workers |
| natural resources | things from nature for productive use; wood, water, etc. |
| scarcity | limits; the concept of limited resources; scarcity forces choice |
| command economy | The government decides what should be produced, how the goods/services should be produced, and who gets the goods/services |
| market economy | Market decides what should be produced (whatever makes a profit and people are willing to pay for it), goods/services should be produced based on cost (cheaper) and quality, and whoever pays more should get the goods/services (besides alcohol etc) |
| opportunity cost | When a decision is made, the next best alternative that was not selected OR the cost of making a choice is that you lose the opportunity to choose your next best option |
| Production Possibilities Curve | A set of possible choices that can be made based on your resources; moves when resources are lost or gained. Improvements in tech leads to curve moving outwards. Curve bowed out bc DMR. Possible to be inside the curve; not using resources to full capacity |
| traditional economy | To do what was done in the past. Produce what people have always produced, jobs get passed down the family, elders get first pick over goods/services and children get privileges |
| laissez-faire | Government has limited control; the economy functions on its own using the laws of supply and demand |
| externality | Byproducts; when the effect of production of goods and services imposes costs or benefits on others which are not reflected in the prices charged for the goods and services being provided |
| Explain the meaning of the concept or term “economic system” and then differentiate between “market” and “command” economic system. | how societies or governments organize and distribute available resources, services, and goods across a region or country: market is prices are set by supply and demand, command is when everything is set by the gov't |
| Argue the advantages and disadvantages of a command economy versus a market economy. Which system is the superior system for a society | Less efficiency, less choice, less innovation, lower economic growth rates; public and merit goods are consumed at the right levels and that demerit goods are banned or taxed heavily, equal income, better environment. |
| diminishing marginal returns | Gaining less from each additional step you're taking. First piece of cake -->6th piece of cake. First you'll dig where the oil is, then when that oil is gone, it'll be harder to get. |
Created by:
undercoverkookie68
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