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Economics Chpt. 1
Chapter 1
| Question | Answer |
|---|---|
| 3 economic questions? | What goods will be produced, How will they be produced, and for whom will they be produced. |
| Who decides what goods will be produced? | The business |
| Who decides how the goods will be produced? | Individuals who own and/or manage businesses |
| Who decides for whom will the goods be produced? | Those who are willing and able to buy them |
| 5 features of Free enterprise? | Private Property, Choice Voluntary Exchange, Competition, Incentives |
| What is private property? | Any good owned by an individual or business |
| What is public poverty? | Any good owned by the government |
| What is a worker's choice? | They choose their jobs |
| What is the businesses choice? | They choose the products they will make, the price, quantity, and process |
| What is the buyers choice? | They choose the products they will buy |
| Voluntary Exchange? | Individuals have the right to make exchanges |
| Competition? | Individuals and business are free to compete with each other |
| What is the consumers benefit? | Bigger selection, better quality lower prices and better service |
| What is the worker's benefit? | Higher wages |
| What is an incentive? | encourages or motivates you to do something |
| What is profit? | Money left over after the cost of production has been paid |
| Total revenue? | Price of a good times Quantity sold |
| Total Cost? | Average cost of production times quantity made |
| Resources flow towards...? | Profit |
| Resources flow away from...? | Losses |
| What are ethics? | Right and wrong, morals |
| What is an entrepreneur? | A person with a special talent to search new ideas, opportunities, and products |
| Entrepreneurs develop...? | New business opportunities, new products, and new ways of doing things |
| Government's Role in the free economy under free enterprise? | They enforce contracts and provide public goods |
| What is a contract? | An agreement between 2 or more people to do something |
| Public goods? | Benefits more than 1 person, and cannot be denied to anyone |
| Private goods? | Benefit is denied to all others except the owner |
| What is a free rider? | Persons who receive the benefits of a good without paying for it |
| What is the circular flow? | It shows the economic relationship between households, Government, and Businesses |
| Businesses pay...? | Taxes to government |
| The Government provides...? | Benefits to businesses and households |
| Households pay...? | Taxes to the government |
| Businesses provides...? | Goods and and services to households |
| Households provides..? | Labor to businesses |
Created by:
myeshak11
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