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Economics
Some definitions from chapter 1 to chapter 4
| Question | Answer |
|---|---|
| This is economic resources used in the production of goods and is often divided into 4 categories | Factors of Production |
| What are the 4 categories of the factors of production? | Natural Resources, Labor, Capital, and Entrepreneurship |
| This type of economy emphasizes the role that information plays as people try to combine the factors of production in the best ways possible. | Cyber Economy |
| This type of economy is a system in which decisions involving the production of goods are based upon custom, heredity, and caste | Traditional economy |
| This type of economy is a system in which a centralized authority determines the production and distribution of goods and services as well as things like savings, investments and prices. | Command/ planned/ directed Economy |
| What is another name for a Command Economy? | Directed Economy |
| What is another name for a Planned Economy | Directed Economy |
| This economy is a system in which people are free to make their own economic choices. Private individuals and bussines people are allowed to own property and make choices without the government | Free enterprise Econonomy, |
| This economy is a system that combines a good measure of free enterprise in some areas with heavy state regulations in others | Mixed Economy |
| This is the first factor of production. Its land and other raw materials | Natural Resources |
| This refers to any work, whether physical or mental, that contributes to the production of goods and services | Labor |
| This type of economy is a system that provides barely enough to keep a society alive | Subsistence Economy |
| This type of system in which the majority of a nations capital is owned and controlled by private individuals and businesses | Private Capitalism |
| This system is when the owner of much of the nations capital is a powerful, centralized apparatus called collectivist state | State Capitalism |
| This is anyone who owns producer goods or owns a share of a business that produces goods | Capitalist |
| This is the intelligent direction and supervision of natural and human resources, also known as managment | entrepreneurship |
| This is a person who undertakes management of economic enterprises on a bold scale, with some danger of losing his investment of money and time. Refers to a person in effective control of starting or running a business or industrial undertaking | Entrepreneur |
| This person is known as the captain of industry. Made gunpowder better for war of 1812 | Eleuthere Irenee du Pont |
| This type of property includes land, buildings | Real property |
| Includes property such as cash, savings account and other investments | financial property |
| This results from creative labor, rights of a song, or a patent for a invention | intellectual |
| This illustrates how resources and products move through the market | Circular flow model |
| This is in which the factors of production are sold | Resource market |
| This is where the consumer products are sold | Product market |
| These are scholars of the production, distribution, and consumption of goods within an economy | Economists |
| This is the study of specific components within a major economy and how to make choices made by individuals, households, business affect economy and how indivudials make decisions | Microeconomics |
| This shows the relationships among various components of an economy from the nations rate of inflation and percentage of unemployed people | Economic models |
| This is a tangible, or material thing that people want and for which they will pay such as food | want |
| This is intangible goods produced by labor for which people expect to pay | services |
| A human desire to have and use a certain good | Want |
| This is a mechanism that allows people to exchange goods, including money so that buyers and sellers can get what they want | Market |
| This is the quantity of a good for sale at a certain price under certain conditions. Amount of a good that is produced | Supply |
| Amount of a good that is bought at a certain price under certain conditions | Demand |
| These are people who use goods | Consumers |
| This is a desire, a longing, an appetite for something | want |
| This person is known as the Founder of the Austrian School of Economists. Diamond - Water Paradox | Karl Menger |
| Aim is to build up the state's treasury. Advocates the national accumulation of gold, the restriction on imports, governmental regulation and protection of industries. 16th-18th century | Mercantilism |
| This is a tax that governments apply only to imported goods | Tariffs |
| This is a rule of nature,favored natural economy as opposed to unatrual or artificial economy caused by mercantilism | Physiocrates |
| This french phrase means let things alone, that a nations economy is best left to itself and not stifled by governmental regulation. Real wealth is from the land | Laissez- faire |
| He is the Father and founder of Modern Economics wrote Wealth of Nations, Theory of Moral Sentiments, Inquiry into the Nature | Adam Smith |
| This book written by Adam Smith describes the law of economics | The wealth of nations |
| This is human activity which results in the creation of goods and services | Labor |
| This is the establishment of colonies and extensive territories created to benefit the mother countries | Imperialism |
| There are 4 categories What is the last one? | Entrepreneurship |
| Name the second part of the factors of production | Labor |
| What is the third cateegory of factor of production? | Capital |
| These are the two chief types of value.... | Value in use and value in exchange |
| this is value directly related to the benefits their owners receive through their use. | Value in use |
| Value in which a particular good is worth in exchange for some other good. | Value in exchange |
| This is the amount of money that a buyer pays the seller for a particular item | Price |
| the amount of money or goods that a good will command in a market | Market price |
| As one's supply of a specific good or service increases, the satisfaction derived from each additional unit tends to decrease. What is this? | Diminishing marginal utility |
| This is the amount of satisfaction that results from a one - unit increase of a product. | Marginal utility |
| This is the total amount of satisfaction a consumer receives from possessing a particular amount of some good. This is the total of all marginal utility | Total Utility |
| This is the relationship between a good's price and the amount that people are willing to buy | Demand |
| Other things remaining equal, as the price of a good increases, the quantity demanded decreases in a free market economy | Law of demand |
| This is when the price of a good falls and consumers tend to buy more of that good or of the other items because they can do so without giving up anything. They have expanded buying power, | Income effect |
| This law explains the inverse relationship between the price of a good and the amount that people choose to buy. | Law of demand |
| This is a principle stating that people tend to substitute less expansive goods for goods whose prices have risen. | Substitution effect |
| This is a list of numbers that compares price with quantity demanded | Demand schedule |
| This is a graphic representation of the amount of goods purchased at different prices | Demand curve |
| These are five key factors that can shift a demand curve | 1) Tastes and Preferences 2) Income 3) Population 4) Prices of related goods 5) Consumer Expectations |
| This is a good whose demand is directly related to consumer's incomes like steaks and new cars and airlines | Normal good |
| This is a good whose demand for these items falls as consumers' incomes rice and vice versa. | Inferior goods |
| This is a good capable of being used in place of another good; and can be substitutes for one another, price of one good has a direct relationship upon the demand for the other- as the price of one good rises, the demand for its substitute increases | Substitute good |
| This is a good often used in conjunction with another. The price of one affects the demand for the other. The price of one rises and the demand for the other falls | Complement good |
| This is the result of changes in any of the five factors that shift a demand curve, which cause the whole curve to shift to the left or right | Change in demand |
| This refers to the movement from one point to another on a long fixed demand curve. Influenced by price. Only a increase or decrease of price can change this, | Change in Quantity demanded |
| This is the relationship between a good's price and the amount that producer's are willing to supply | Supply |
| This is a law that states other things remaining equal, as the price of a good increases, the quantity supplied also increases in a free market economy | Law of supply |
| This is a list of numbers that compares price with quantity supplied | Supply schedule |
| This law states that the direct relationship between the price of a good and the amount that suppliers will make available. Its saying that if the price of a good drops, the quantity that is supplied of that good also falls. | Law of supply |
| This is a graphic representation of the quantity of goods supplied at different prices. | Supply curve |
| This is the quantity of a good that producers will supply at a given price per unit within a specified amount of time. | Quantity supplied |
| These are factors that can shift a supply curve what are they? | 1) Technology 2) Resource Prices 3) Prices of related goods 4) Number of sellers 5) Producer expectations 6) Government taxes, subsidies, Regulations |
| This is money given to businesses by the government to encourage production. | Subsidies |
| This is caused only by a change in price within an existing supply. This moves one point on a supply curve to another point on the same curve. | Change in quantity supplied |
| This is another name for a supplier | Producer |
| This is another name for a demander | Consumer |
| This is the place at which the quantity demanded and quantity supplied are equal | Equilibrium |
| This is a situation in which the quantity demanded exceeds the quantity supplied at a given price | Shortage |
| This is when the quantity supplied of a good is greater than the quantity demanded at a given price | Surplus |
| True or false demand is mostly elastic | True |
| This is when prices go up and people will buy less | Price elasticity of demand |
| This is the demand for a good whose price has raised really high, but consumers still pay for it for they feel their are no substitutes for it. | Inelastic |
| This is when governments place a limit on how a producer may charge for his product. | Price ceiling |
| This is when the price levels are set above the equilibrium prices. | Price floors |
| The result of this often results in a shortage of goods | Price ceiling |
| The result of this is often a surplus of goods | Price floors |
Created by:
Leslie Spark
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