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
baby cakes
| Term | Definition |
|---|---|
| Economics | Study of the choices people make to satisy their wants and needs. |
| Economist | A person who studys these economic choices |
| Microeconomics | Is the study of the choices made by economic actors such as households companies and individual markets |
| Macroeconomics | Examines the behavior of entire economics |
| consumers bitch | The people decide to buy bitchy things |
| Producers | The people who make the things that satisfy consumers needs and wants |
| Goods | Physical objetcs that can be purchased |
| Services | Are actions or activites that are performed for a fee |
| Resources | Is anything that people use to make or obtain what they need or want |
| Factor of production | Resources that can be used to produce goods and services |
| Natural Resources | Items provided by nature that can be used to produce goods and to provide services |
| Human resources | Any human effort exerted during production |
| Capital resources | Manufactutred materials used to create products |
| Capital goods | Are buildings, structures, machinery, and tools, used in production process |
| Consumer Goods | The goods and services that some poeple buy |
| Technology | Is the use of technical knowledge and methods to create new products or make existing products more efficientily |
| Entrepenurship | Combination of organnizational abilitys and risk taking involved in starting a new buisness or introducing a new product |
| Entrepenur | Is the person who attempts to start a new buisness or introsuce a new productScx |
| Scarcity | Most basic problem of economics because it enforces people to make decisions about how to use resources effectively |
| Allocate | Distribute, resources in order to satisfy the greatest number of needs and wants |
| Productivity | Is the level of output that results from A given level of input |
| Efficiency | Is the use of the smallest amount of resources to produce the greatest amount of output |
| Division of Labor | A small number of tasks to each worker |
| Specialization | Allows each employee to work faster and to produce a greater number of alarm clocks |
| Trade-off | Economic terms to sacrifice |
| Oppurtunity cost | The value of the next best alternative that is given up to obtain a perfered item |
| Production possiblity ties curve | Shows all the possible combinations of two goods or services that can be produced with in a stated time given to important assumptions |
| Exhcange | Producers gain this information through a process called exchange |
| Barter | Direct trade |
| Money | Any item that is readily accepted by people in return for goods and services |
| Credit | Third form of exhchange |
| Value | Can be expressed as an amount of moeny of price |
| Utility | Value is also determined by the degree to which the product has utility |
| Self-sufficiency | When they can fufill all of their needs without outside assistance |
| Interdependence | Means that events of developments in one reigon of the world or sector of the economy influences events or developments in other reigons or sectors |
Created by:
cakesfordays
Popular Economics sets