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Economy Hinton

Unit 1

What are 5 factors of production? Natural resources, human resources, capital resources, entrepreneurship, and technology
What are capital goods? the buildings, structures, machinery, and tools used in the production process
Who are the "decision makers" in a capitalistic economy? producers and consumers
A natural resource is a factor of production only when it is... scarce
What is productivity? level of input produces how much output
What is efficiency? less input that produces the most output
Whose ideas were adopted by Henry Ford to create the first industrial assembly line? Eli Whitney
What is microeconomics? choices made by individuals, companies, regions (producers/consumers)
What is macroeconomics? the study on entires economies
What are 2 types of human resources? physical and mental labor
What are 2 types of capital resources? money and capital goods
What are 2 types of goods? Consumer and capital
What does laissez Faire mean? "hands off" or to let alone. Adam Smith wrote a book about this because he believe the government should leave the economy alone
What is automation? Replacing humans with machines
What does the government interfere with in our economy? Regulation and subsidizing
Who created the idea of mercantilism? Thomas Colbert
Where was the first Walmart? Arkansas
What are 3 mediums of exchange? money, barter, and credit
How do you describe economics in one word? choice
What is a production possibilities curve? all the possible combinations of 2 goods/ services that can be produced within a stated time period
What are the 2 assumptions that have to be assumed in a production possibilities curve? 1) Resources and technology will remain constant 2) production is at maximum efficiency
What is a commodity? a standard set of money that has worth in itself (gold coins)
When was the last time silver was actually used in a quarter? 1964
What is value based on? its utility and its scarcity
What are 3 credit bureaus that monitor credit/ credit report? Equifax, Experion, Trans Union
What is a numismatist? another word for a coin collector
Who were the first people to use money? The Lydians
What is mercantilism? The goal of having a country be totally self sufficient. Have colonies to serve as your source of raw material
What book did Adam Smith write? "The Wealth of Nations" (1776)
What are 3 basic economic questions? 1) What to produce? 2) How to produce? 3) From who to produce?
Who was the economist behind FDR: spend more than you have? John M. Keynes
What is economics? the study of the choices made by producers/consumers to fulfill needs and wants
Created by: caitybaity