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CIVICS # 1
the economics
| Question | Answer |
|---|---|
| Economics | Study of how we make decisions in a world were resources are limited and the study of how things are made, bought, sold, and used |
| Microeconomics | The smaller pic( individuals and businesses) tax season |
| Macroeconomics | Bigger pic (government, whole society) the demand and supply |
| Economic System | Is a way of producing the things people want and need |
| Trade offs | Decisions you make when choosing between two items, doesn't have anything to do with time or money |
| Opportunity cost | Values of the next best thing that was given up when a choice was made (money or time) |
| Fixed cost | something that is the same no matter what (taxes) |
| Variable cost | Things that can change based on the number of what is being produced (wages) |
| Total cost | fixed + the variable, everything together |
| Marginal cost | the additional cost of producing and additional unit of out put |
| Total revenue | Total number of things producing multiplied by the unit of cost (produced x cost) |
| Marginal revenue | the change of the total revenue |
| Marginal benefit | Additional satisfaction or benefit received when one more unit us produced |
| Cost-Benefit Analysis | Comparing the marginal benefits to the marginal cost |
| Capital goods | Tools, buildings, and machinery |
| Labor | People who work |
| Entrepreneurs | An individual or group that starts a business |
| GDP or Gross Domestic Product | Total value, in $, of all final goods as services produced by a country in a single year. (Quantity not Quality) |
| NDP or Net Domestic Product | Account from the fact that some production is only due to depreciation |
| Market | The free and willing exchange of goods and services between buyers and sellers |
| Productivity | Appropriate use of resources |
| Specialization | Producing something better than anyone |
| Market Economics | Decisions are made in free markets based on the interaction of supply and demand |
| Individual Freedom | Make decisions to buy something |
| Dealing with Externalities | Positive and negative, and unexpected side effect and effects the third party (us) |
| Capital GDPs | GDP divided by the countries population |
| Command Economy | Decisions made by central Government (socialism and communism) goal. Everyone is on an equal playing field, slower in production |
| Mixed Economies | Individuals carry on their economic affair freely, but are subject to Government regulation (USA) |
| Developing nation | Countries in South America and Africa, natural resources |
| Traditional economics | Stays the same not going to change, family business |
| Population problem | not enough food and room for the people |
| War problem | Cost $, borrowing it from other countries |
| Debt problem | poverty |
| Corruption of power problem | no rights, takes more money from people, no survival |
Created by:
AdriannaXo46
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