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Intro to Econ

unit 1

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



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