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Harris Goldstien

Harris Goldstien Economics December 08 Economics Exam

QuestionAnswer
What is the fundamental economic problem? SCARCITY
What is SCARCITY? SCARCITY is the condition that results from society not having enough resources to produce all the things people would like to have
Economics? Economics is the study of how people deal with scarcity.
Opportunity cost Opportunity cost is the value of the option that you do not choose.
market economy An economy in which peopke and firms act in their own best interest to answer the what, how and from whom.
taditional economy An economy in which the allocation of resources and nearly all other economic activity stems from ritual, habit or custom.
Command economy An economy in which a centralk authority makes the most of the what, how, and for whom.
What does TINSTAAFL mean? TINSTAAFL is a term that economist call "there is no such things as a free lunch"
Why do economist use the TINSTAAFL term? They use it because producers need to figure out what, how or from whom to produce.
whafour factot are the four factors of production? Land, capitol, labor, and entrepreneurs
What does the term land refer to in the four factors of production? the "gifts of nature" or natural resourses. Land is NOT created by humans; it can be forests, deserts, herdsm, cattle, or sunshine, etc.
What does the term capitol refer to in the four factors of production? Tools, factories, machinery, factories used in the production of goods and services. This should not be confused with capitol finance which is money used to buy tools, machinery, factories, etc.
What does the term labor refer to in the four factors of production? people with their efforts, abilities and skills. This group does not enclude entrepreneurs.
What does the term entrepreneurs refer to in the four factors of production? Are the risks taker who provide the land, labor and capitol They are often though as the driving force behind the economy.
What is the circular flow of goods and services?
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