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Economics Chap. 1-3

QuestionAnswer
What is the sciences that studies the choices people make trying to satisfy their wants in a world of scarcity? Economics
What forces you to make a choice? Ex gold & toothpaste Scarcity
What is the most highly valued opportunity or alternative given up when a choice is made? opportunity cost
What is the most common rationing device? Price
What is something that encourages or makes a person take action. Ex BOGO incentive
What is the study of human behavior and choices in small units such as individuals, a business or a single market? microeconomics
What is the study of human behabior and choices as they relate to the entire economy? Macroeconomics
What are things that you can touch? Ex. book Tangible
What are things that you can't touch? Intangible
What are tangible products that meet our wants and needs? Ex. food and clothing Goods
What are tasks people do for each other for a payment? Services
What are the three factors of production? Land, Labor, and Capital
Give an example of land? water, minerals, animals, and forests
Give an example of labor? carpentry
Give an example of capital? machinery, factories, and trucks
What refers to all natural resources? Land
What refers to the physical and mental talents people use in the production of good and services? Labor
What refers to produced goods that can be used as resources to make more goods and services? Capital
What are the three major economic systems in the world today? Free enterprise (capitalism)SocialismMixed Economy
What has private ownership with the government playing a small role in the economy? Free Enterprise (Capitalism)
What has government ownership and control over property with the government playing a major role in a socialist system? Socialism
Who wrote The Wealth of Nations in 1776 and is considered the Father of free enterprise? Adam Smith
Who wrote Das Kapital in the mid-1800's and is considered the Father of Socialism and Communism? Karl Marx
Name the five features of free enterprise? Private propertyChoice or freedom to chooseVoluntary exchangeCompetitionEconomic Incentives
What is the amount of money left over after all of the costs of production have been paid? Profit
What is the amount of money that the total costs exceed the total revenue? Loss
Something that individuals can be physically excluded from attending...ex movies & college Excludable public goods
Things that individuals cannot be physically excluded from using...ex national defense and roads Nonexcludeable public goods
a person who develops new opportunities, products, and processes.....they also take risks. Entrepreneurs
A side effect of an act which is felt by others....ex pollution negative externality
A beneficial side effect of an act felt by others...ex coal mines turned to parks positive externality
Created by: hencar94