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Economics Chpt. 1

Chapter 1

QuestionAnswer
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