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ch1 and 2

Give an example of a service industry nail salon
What is meant by paradox of value and give an example Observation that articles or goods critical to life (such as water) are very cheap, whereas others which have no bearing on human existence (such as diamonds) are very expensive- example- water and diamonds
Give an example of specialization and division of labor assembly line
What 3 things must be present for production to take place land, capital, labor
What must a product have in order to have value utility
a person who organizes and operates a business or businesses Entrepreneur
Quality of life based on ownership of necessities and luxuries that make life easier standard of living
Way of thinking that compares the cost of an action to its benefits cost benefit analysis
the alternative choices that people face in making an economic decision tradeoff
Economic activities in one part of the country or world affect what happens elsewhere interdependence
Worth of a good or service as determined by the market value
Dollar value of all final goods, services, and structures produced within a country’s national borders during a one year period Gross domestic product
Money used to buy the tools and equipment used in production financial capital
sells consumer goods product market
sells jobs factor market
Alternatives that must be given up when one is chosen rather than another opportunity cost
Making decisions in small stages so that the decision can be reversed without too much being lost Incremental decision making
What is a strength of a traditional economy everyone knows what role they play
7 economic and social goals that we have in America economic freedom, economic efficiency, economic equity, economic security, full employment, price stability, economic growth
The incentive to work harder, save money, invest, and succeed are all products pf private property rights
Sara has a house with peace sign what is this an example of private property rights
What are the Economic roles of the government protector, provider, regulator, promoter
Market economy in which privately owned businesses have the freedom to operate for a profit with limited government intervention capitalism
a central authority makes most of the what, how, and for whom decisions. Economic decisions are made by the government command economy
role of consumer as ruler of the market when determining the types of goods and services produced Consumer sovereignty
an organized way of providing for the wants and needs of their people Economic system
rise in the general level of prices inflation
fundamental feature of capitalism, which allows individuals to own and control their possessions as they wish private property rights
driving force that encourages people and organizations to improve their material well-being profit motive
economic system in which the allocation of scarce resources and other economic activity is the result of ritual, habit, or custom traditional economy
Created by: hwheel



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