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Economics

Use these to prepare for your economics test

TermDefinition
the fundamental questions of economics What to produce? How to produce? For whom to produce?
capital resources human-made goods used to produce other goods and services.
human resources human effort or labor used to produce goods and services.
natural resources resources found in nature such as minerals, soil and oil
import goods from a foreign country brought into a country
export goods sold by one country to buyers in another country
specialization concentrating on producing a limited number of goods or services
mixed economy an economic system combining aspects of market economy and command economy.
market economy an economic system in which economic decisions are made by the interaction of producers and consumers.
traditional economy an economic system in which economic decisions are made based on what was done in the past, customs, beliefs, traditions, religion or habits.
command economy an economic system in which economic decisions are made by the government.
economics the study of how people meet their wants and needs.
producer someone who manufactures something.
consumer a person who uses goods or services.
incentive something that encourages a person to do something or to work harder
supply the amount of a good or service available for purchase
surplus a quantity much larger than is needed.
demand the amount of a good or service that consumers are willing to buy
scarcity not enough of a good or service
comparative advantage what a country is good at producing or the ability to produce a product more efficiently
economics the study of how people meet their wants and needs
Created by: rbalduff
Popular Economics sets

 

 



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