Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
economic t and c
these shall be described
| Question | Answer |
|---|---|
| scarcity | CONDITION CAUSED BY PEOPLE’S UNLIMITED WANTS AND THE RELATIVELY LIMITED RESOURCES TO MEET THOSE WANTS |
| opportunity cost | WHAT A PERSON GIVES UP WHEN THEY CHOOSE ONE THING OVER ANOTHER |
| trade-off | ACCEPTING LESS OF ONE THING TO GET MORE OF SOMETHING ELSE |
| economic systems | THE WAYS IN WHICH PEOPLE(S) DEAL WITH THE PROBLEMS OF SCARCITY AND OPPORTUNITY COST |
| money | ANYTHING THAT SERVES AS A MEDIUM OF EXCHANGE |
| markets | ARRANGEMENTS THAT ALLOW BUYERS AND SELERS TO MEET AND EXCHANGE GOODS OR SERVICES |
| supply | DIFFERENT AMOUNTS OF GOODS AND SERVICES THAT WILL BE OFFERED FOR SALE AT A CERTAIN PRICE FOR A CERTAIN AMOUNT OF TIME |
| demand | VARIOUS GOODS AND SERVICES THAT WILL BE PURCHASED AT A CERTAIN PRICE DURING A SPECIFIC TIME PERIOD |
| competition | THAN ONE BUYER OR SELLER IN THE SAME MARKET |
| (GDP) | THE MARKET VALUE OF ALL FINAL GOODS AND SERVICES PRODUCED BY A COUNTRY IN ONE YEAR |
| unemployment | THE NUMBER OF PEOPLE WITHOUT A JOB ACTIVELY SEEKING WORK |
| inflation | AN INCREASE IN THE AVERAGE PRICE LEVEL OF THE ENTIRE ECONOMY |
| deflation | A DECREASE IN THE AVERAGE PRICE LEVEL OF THE ENTIRE ECONOMY |
| monetary policy | ACTIONS THAT AFFECT THE AMOUNT OF MONEY AND THE COST OF CREDIT AVALIABLE IN THE ECONOMY |
| fiscal policy | CHYANGES IN TAXES OR GOVERNMENT SPENDING THAT ARE DESIGNED TO AFFECT DEMAND |
| exchange rate | THE PRICE OF ONE NATION’S CURRENCY IN TERMS OF ANOTHER NATION’S CURRENCY |
| capital | THE TOOLS, EQUIPMENT, AND FACTORIES USED IN THE PRODUCTION OF GOODS AND SERVICES |
| Factors of production | THINGS NEEDED TO PRODUCE ANY GOOD OR SERVICE. THEY ARE LAND, CAPITAL, LABOR, ENTREPRENEURSHIP |
| Laissez Faire | MEANS NO GOVERNMENT INTERFERENCE IN THE ECONOMY. FRENCH FOR ALLOW THEM TO DO |
| Want | NOT A BASIC REQUIREMENT FOR SURVIVAL |
| Need | A BASIC REQUIREMENT FOR SURVIVIAL |
| Good | A TANGIBLE COMMIDITY SUCH AS A BOOK OR CAR |
| Consumer good | A GOOD INTENDED FOR FINAL USE BY A CONSUMER |
| Capital good | A GOOD USED TO MAKE OTHER GOODS(OVEN IN A BAKERY) |
| Durable good | LAST THREE YEARS OR MORE WHEN USED REGULARLY |
| Non durable good | LAST LESS THAN THREE YEARS WITH REGULAR USE |
| Specialization | PEOPLE DO WHATEVER TASK THEY ARE ABLE TO DO BEST |
| Division of labor | WORKERS PERFORM FEWER TASK MORE FREQUENTLY |
| Free enterprise system | ONE IN WHICH CONSUMERS AND PRIVATE BUSINESS MAKE THE MAJORITY OF THE ECONOMIC DECISIONS(WHAT,FOR WHOM,HOW) |
Created by:
ciroborja
Popular American Government sets