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| Term | Definition |
|---|---|
| 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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