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Economics Final Rev.

Review for the May 31 Final

QuestionAnswer
What are the two definitions of Economics? The STUDY of how things are bought and sold The STUDY of how people seek to satisfy their needs and wants by making choices.
What are goods? Physical objects that can be bought or sold.
What are services? They are actions and activities that one person performs for another in exchange for payment.
What are needs? Something like, air, food, or shelter that is necessary for survival.
What are wants? An item we DESIRE but that is not essential to survival.
What is a resource? Anything used to produce goods or services.
What does the term production mean? It is the process of changing raw materials into economic goods that can be used to satisfy the needs and wants of consumers.
What is scarcity? The fact that there are limited quantities of resources to meet our unlimited wants.
What does the term microeconomics refer to? The STUDY of economic decisions made by consumers and producers that effect INDIVIDUALS in an economy.
What does the term macroeconomics refer to ? The STUDY of economic decisions that effect the economy of a NATION.
What are the Factors of Production? They are the resources needed to produce good and services.
Define what "land" refers to with respect to the study of Economics. ALL of the NATURAL resources that are used to produce goods and services.
Define what "labor" refers to with respect to Economics. The MENTAL and PHYSICAL work that people are paid to do in order to produce goods and services.
What does the word CAPITAL mean? Anything that is used to produce goods and services ( tools machines, equipment, trucks...etc)
Describe what an entrepreneur is . It is a person who decides how to combine resources ( land , labor,and capital ) to create new goods and services.
What type of interest rate do you want when you borrow money? A low interest rate because you will be paying the money back.
What type of interest rate do you want when you open a savings account? A high interest rate because you can earn a small amount of money on your savings.
Created by: gebs31
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