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Intro to Econ
unit 1
| Question | Answer |
|---|---|
| economics | the study of money |
| incentive | the hope for a reward or fear of punishment |
| scarcity | resources are limited, but human desires aren't |
| opportunity cost | sacrifice of one thing to have the other |
| factors of production | the resources that are used to make all goods and services |
| 3 factors of production | land: natural labor: effort a human devotes capital: any human made source |
| entrepreneurs | they start their own business in the market |
| two types of capital | physical: human-made objects human: skillls a worker gains through experience |
| what is money | the fuel to make production happen, medium of exchange, unit of account, store of value |
| economic system | used by a society to produce and services goods |
| what are the three economic questiobs | what goods should be made? how is it going to be made? who consumes these goods and services? |
| the six key ecomomic goals | efficiency: resources are limited and have to use max eff. eco freedom: hands off govern and private property open opportunity: everyone should participate security: goods and services will be protected equity: share wealth growth: essential |
| free market economy | people are in control |
| voluntary exchange; how does it create wealth | giving up something you don't want for something you wan; you just got something valuable to you |
| importance of self-interest | compels consumers to look for high-quality at low prices so it basically closes bad businesses |
| importance of competition | so companies won't be trash |
| how do consumers exercise control over the free market economy | by purchasing things |
| identify the components and the invisible hand and their role in regulating the economy | self-interest and competition makes no need for a gov |
| Lassiez Faire | the government needs to be hands off |
| household | person or group of persons living in the same residence |
| firm | org. that uses resources to produce a product which sells it |
| factor market | factors of production: land, labor, capital (Households sell it) |
| product market | goods and services that firms produce |
| free enterprise | private businesses operate in competition and its more of a free state control |
| importance of private business | people are going to actually try to work which is good because their property is secured |
| what is mixed free market economy | US has it and its when the government and people have a say over the economy, but more the people than the gov |
| who owns the economy in a command economy | government |
| concept of socialism | classes are dead |
| concept of communism | the government forces you to share wealth and maybe one day society will do it without the government |
| why did the S.U central planning lead to a chronic food shortage | there was no competition |
| why do command economies typically produce consumer goods of very low quality | there is no competition |
| public good | a good that the gov provides |
| free rider | someone who doesn't pay for something,but benefits from something |
| market failure | when private businesses can't provide something gov has to step in |
| poverty threshold | income level below that which is needed to support families |
| welfare | government assistance |
| social security | your retirement plan that all of america tips in |
| difference of medicaid and medicare | medicaid is welfare and medicare is something everyone in the US has if you're a citizen |
Created by:
Friedchickeniqua98
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