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
Economics Test
Economics Test Study Guide
| Term | Definition |
|---|---|
| Self-Interest | Drives people to get the best job they can, to get the most for their money, and to earn the most profit in the business |
| Imports | Goods and services produced in one country and bought by people in another country. They are not part of our GDP |
| Competition | Keeps prices in line with the costs of production |
| Gross Domestic Product (GDP) | A measure of the success of a nation;s economy |
| Scarcity | We cannot have everything we want |
| Free Enterprise | Within legal limits, individuals are free to open businesses and to produce and sell the goods and services of their choice |
| Natural Resources | Things that occur naturally in nature that make production possible |
| Exports | Goods and services produced in one country and sold to people in other countries. They are part of our GDP. |
| Surplus | The amount by which quantity supplied is higher than the quantity demanded |
| Trade-Off | You must give up something if you want to get something |
| Worker | Someone that owns a business or works fro someone else, helps produce goods and services, and performs mental and physical work |
| Law of Supply | The principle that suppliers will normally offer more for sale at higher prices and less for sale at lower prices |
| Consumer | Someone who decides what goods and services to buy, then spends money on goods and services, and uses the goods and services |
| Saver | Someone that gives up buying goods/services now to buy them in the future, does not spend all of their income, and sometimes stores money in banks and receives interest |
| Private Property | Individuals and private businesses, not the government, own most land and capital goods |
| Limited Government | At a minimum, government is needed to define and enforce property rights and to provide some goods and services, such as national defense, that are not provided efficiently by markets |
| Citizen | Someone who pays taxes, obey laws, acts responsibly, always votes, and stays informed about issues and candidates |
| Goods | Tangible items that result from production |
| Supplements | Products that can replace one another |
| Complements | Products that are used or consumed in combination with one another |
| Capital Resources | The man-made physical resources |
| Services | Nonphysical results of production and must be consumed as soon as they are produced |
| Economics | The branch of knowledge concerned with the production, consumption, and transfer of wealth |
| Human Resources | The work effort, both physical and mental, expended in production |
| Supply | The various quantities of a good or service that producers are willing to sell at all market prices |
| Demand | The desire, willingness, and ability to buy and good or service |
| Law of Demand | The principle that states that quantity demanded and price move in opposite directions |
| Productive Resources | An input |
| Decision-Maker | Someone who determines all options in situations, considers important factors about each option, and makes makes choices |
| Shortage | The amount by which quantity demanded is higher than the quantity supplied |
| Price | Measure the exchange value of one good or service compared to another |
| Utility | The pleasure, usefulness, and satisfaction people get from using a product |
| Opportunity Cost | Whatever you give up |
| Market | Exists whenever buyers and sellers exchange goods and services |
| Income | Payments people receive for selling or renting the productive resources they own |
| Profit | The money a business receives for its products or services over and above its cost |
| Human Capital | The knowledge, skills, health, and values individuals possess |
| In a market economy, who/what sets prices | |
| The freedom to make your own choices | What type of economy does the U.S. have today? |
| Scarcity | What is the basic economic problem? |
| Lower | What prices result in a shortage? |
| Rise | What prices result in a surplus? |
| The forces of supply and demand, not the government, determine prices. | System of markets and prices? |
| Ability to read, write, compute, play a sport, work in groups | Name one example of human capital that you have. |
| Practice to improve a skill you have, develop a new skill, finish high school, attend college | Name one way you can invest in a form of human capital that you have. |
| Sales Revenue-Cost of Production | How do you calculate profit? |
| Limited Government, Private Property, Free Enterprise, System of Markets and Prices, Competition, and Self-Interest | Name the 6 characteristics of a market economy. |
| Consumer Goods, Investment Goods, Government, Exports & Imports | Name the 4 components of GDP. |
| Price x Quantity Demand | How do you calculate sales revenue? |
| Apple, gold, wooden boards, truck, paper cup, bubble gum, television, | Name one example of a good. |
| Haircut, teaching students, collecting trash, fixing electrical wires, drycleaning, fixing a television | Name one example of a service. |
| They actually use GDP | How do economists measure the success of a country's economy? |
| ice cream & frozen yogurt, crayons & markers, bar soap & liquid soap | Name one example of supplements. |
| shampoo & conditioner, ice cream & ice cream cones, milk & chocolate syrup, hot gods & hot dog buns,baked potato & sour cream, roller blades & hockey sticks | Name one example of complements. |
Created by:
maddietidwell
Popular Medical sets