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Civics Final Exam
| Question | Answer |
|---|---|
| Occurs when ever we do not have enough resources to produce all the things we would like to have. | Scarcity |
| 3 basic economic questions | how to produce? what to produce? For whom to produce? |
| The cost of the next best use of your time of money when you choose to do one thing, rather than the other | Opportunity cost |
| supply, demand, and prices help people make decisions and locate resources | Market Ecomomy |
| We rely on others and others rely on us, to provide the goods and services that we consume | Economic Interdependence |
| 4 factors of production | natural resources(land), labor(people), capital(tools), entrepreneurs(risk taker). |
| Total value , in dollars, of all the final goods and services produce in a country during a single year | Gross Domestic Product |
| Quality of life base on the possession of necessities and luxuries that make life easier | Standard of Living |
| A measure of the amount of output produced by a given amount of putput produced by a amount of inputs in a specific period of time | Productivity |
| Focusing on producing one product or service that maximizes your talents | Specialization |
| Advantages of competition | lower prices,higher quality products, consumer satisfaction |
| List of all possible prices and quantity demanded | Demand scedule |
| graphical representations of demand of the demand scedule | Demand curve |
| prices go up. quantity demand decreases. as prices go down, quantity demand increases. | Law of demand |
| list of all possible prices and quantity supplies | Supply Scedule |
| Graphical representation of the supply schedule | Supply curve |
| movement of entire supply curve for a reasons other thanprice | Change in supply |
| As the prices people are willing to pay supply increases as prices people are willing to pay decreases, supply decreases | Law of supply |
| Large amount of product left over because a price occurs above equilibrium | Surplus |
| no product left over b/c prices below equilibrium | Shortage |
| Price established where supply and demand meet with no surplus and no shortage | Equilibrium Price |
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infinitely_heavenly
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