Harris Goldstien Economics December 08 Economics Exam
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| What is the fundamental economic problem? | SCARCITY
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| What is SCARCITY? | SCARCITY is the condition that results from society not having enough resources to produce all the things people would like to have
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| Economics? | Economics is the study of how people deal with scarcity.
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| Opportunity cost | Opportunity cost is the value of the option that you do not choose.
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| market economy | An economy in which peopke and firms act in their own best interest to answer the what, how and from whom.
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| taditional economy | An economy in which the allocation of resources and nearly all other economic activity stems from ritual, habit or custom.
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| Command economy | An economy in which a centralk authority makes the most of the what, how, and for whom.
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| What does TINSTAAFL mean? | TINSTAAFL is a term that economist call "there is no such things as a free lunch"
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| Why do economist use the TINSTAAFL term? | They use it because producers need to figure out what, how or from whom to produce.
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| whafour factot are the four factors of production? | Land, capitol, labor, and entrepreneurs
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| What does the term land refer to in the four factors of production? | the "gifts of nature" or natural resourses. Land is NOT created by humans; it can be forests, deserts, herdsm, cattle, or sunshine, etc.
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| What does the term capitol refer to in the four factors of production? | Tools, factories, machinery, factories used in the production of goods and services. This should not be confused with capitol finance which is money used to buy tools, machinery, factories, etc.
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| What does the term labor refer to in the four factors of production? | people with their efforts, abilities and skills. This group does not enclude entrepreneurs.
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| What does the term entrepreneurs refer to in the four factors of production? | Are the risks taker who provide the land, labor and capitol They are often though as the driving force behind the economy.
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| What is the circular flow of goods and services? |
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