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Economics The study of how people seek to satisfy their needs and wants by making choices.
Scarcity Implies limited quantities of resources to meet unlimited wants.
Needs Air, food, shelter
Wants Items that we desire but that are not essential to survival.
Goods Physical objects such as shoes and shirts.
Services Actions or activities that one person performs for another.
Shortage A situation in which a good or service is unavailable.
Disposable Income Income remaining after deduction of taxes and other mandatory charges, available to be spent or saved as one wishes.
Factors of Production Land, labor, capital
Entrepreneur Ambitious leaders who combine land, labor and capital to create and market new goods and services.
Trade offs All the alternatives that we give up whenever we choose one course over another.
Guns and Butter theory Refers to the trade offs that nations face when choosing to produce more or less military or consumer products.
Opportunity Cost The loss of potential gain from other alternatives when one alternative is chosen.
The 3 Economic Questions What to produce? How to produce? For whom to produce?
The Six Economic Goals Low unemployment, low and stable inflation, minimal domestic economic fluctuations, minimal international economic fluctuations, high rates of economic growth, which consists of governmental and nongovernmental efforts to influence the other 5 goals
Safety Net Government programs that protect people experiencing unfavorable economic conditions.
Economic Specialization The concentration of the productive efforts of individuals and firms on limited numbers of activities.
Economic Systems Produce and distribute goods and services in different ways.
Standard of Living Level of economic prosperity.
Traditional Economy Relies on habit, custom, or ritual to decide questions of production and consumption of goods and services.
Standard of Living in a Traditional Economy Small, close communication, communities work as a group and only produce what's necessary.
Free Market Economy An arrangement that allows buyers and sellers to exchange things.
Adam Smith Scottish philosopher of economics who wrote "An Inquiry Into the Nature and Causes of the Wealth of Nations" defined economics as a science of wealth.
Invisible Hand Theory Self-regulating nature of the marketplace.
Profit The financial gain made in a transaction.
Competition The struggle among producers for the dollar of consumers - its the regulating force in free market.
Consumer Sovereignty The power of consumers to decide who gets produced.
Command Economy An economy in which production, investment, prices and incomes are determined centrally by an government.
Karl Marx Philosopher and economist famous for his ideas about capitalism and communism.
Mixed Economy Combines the free market with limited government involvement.
Created by: Blissful_Olive
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