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POBF
Objective 1.0
| Question | Answer |
|---|---|
| Mixed Economy | Combines elements of command and market economies |
| Entrepreneurial Resources | To combine human, natural and capital resources |
| Opportunity Cost | Value of the next-best alternative that is forgone to produce or obtain another object |
| Competitors | Businesses that offer the same goods to the same customers |
| Producers | Individuals and organizations that determine which goods and services will be available for consumption |
| Economic Decision Making | Process of choosing which needs or wants will be satisfied |
| Economic Resources | Means from which goods and services are produced |
| Private Property | Right to purchase, use and discard things of value |
| Services | Activities that can be consumed at the time of purchase to satisfy needs and wants |
| Scarcity | Exists when wants and needs exceed resources available |
| Economics | The study of the decisions made for production, distribution, and consumption of goods and services to satisfy needs and wants |
| Needs | Necessities required for living |
| Consumer | Buys and uses the goods and services |
| Capital Resources | Goods and money used in the production of goods and services |
| Natural Resources | Raw materials supplied by nature |
| Human Resources | People using efforts, knowledge, and skills at work to produce goods and services. |
| Free Enterprise | Economic system which freedom to consume and produce goods and services exists |
| Traditional Economy | Economic system in which decision are based on customs and centered on family |
| Goods | Items purchased to satisfy needs and wants |
| Profit | Money left after selling goods and services and costs of operating a business have been paid |
| Wants | Items purchased to add comfort and pleasure to life |
| Marketplace | Any place where goods and services are exchanged |
| Tradeoff | Process of giving up something for gaining something else |
| Market Economy | Goods and services are owned and controlled by the people |
| Freedom of Choice | Opportunity to make choices of goods and services and accept consequences of decisions |
| Command Economy | Economics system in which the government own resources and dictates what is produced. |
| Market Price | The point where supply and demand meet |
| Gross Domestic Product (GDP) | The total dollar value of all the final goods produced in a county during one year |
| GDP Per Capita | Output per person |
| Productivity | Production output in reltion to a unit of input |
| Business Cycle | Movement of the economy from one condition to another and back again |
| Prosperity | Most people who want to work are working, businesses produce goods and services in record numbers, wages are good, and the GDP growth increases. |
| Recession | Demand begins to decrease, businesses lower production, unemployment begins to rise and GDP growth slows for two or more quarters. |
| Depression | Marked by a prolonged period of high unemployment, weak consumer sales and business failures. |
| Recovery | Unemployment begins to decrease, demand for goods and services increses, and GDP begins to rise. |
| Inflation | Increase in the general level of prices |
| Deflation | Decrease in the general level of prices |
Created by:
mercerp53
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