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Brock Economics
| Question | Answer |
|---|---|
| When resources are limited but wants are unlimited this problem exists | scarcity |
| Choosing one option means giving up another this is called | opportunity cost |
| The study of choices about limited resources is | economics |
| Things made for use or sale are called | goods |
| Work people do for others is called | services |
| The satisfaction gained from a product is called | utility |
| When people act in their own best interest they show | self interest |
| Small extra cost or benefit of one more unit is | marginal |
| Decisions comparing costs and benefits are called | cost benefit |
| The next best alternative given up is | opportunity cost |
| People who buy goods and services are | consumers |
| People who make goods or services are | producers |
| Markets where buyers and sellers interact are | markets |
| The desire and ability to buy is | demand |
| The amount producers are willing to sell is | supply |
| When demand increases prices usually | increase |
| When supply increases prices usually | decrease |
| The meeting point of supply and demand is | equilibrium |
| A situation where quantity demanded exceeds supply is | shortage |
| A situation where supply exceeds demand is | surplus |
| An economy where government controls resources is | command economy |
| An economy where individuals make choices is | market economy |
| A system combining both types is | mixed economy |
| Private ownership of resources is | capitalism |
| Government ownership of resources is | socialism |
| Basic economic questions include what how and for whom to | produce |
| The factors used to produce goods are | factors production |
| Natural resources used in production are | land |
| Human effort used in production is | labor |
| Tools and machines used are | capital |
| An entrepreneur organizes resources and takes | risk |
| Payment for work done is called | wages |
| Payment for using land is | rent |
| Payment for capital is | interest |
| Profit is money left after | costs |
| A rise in overall prices is | inflation |
| A fall in overall prices is | deflation |
| The total value of goods produced is | gdp |
| When people actively seek work but cannot find it | unemployment |
| Government spending and taxing is | fiscal policy |
| What happens to the demand curve when demand increases? | shifts right |
| What happens to the demand curve when demand decreases? | shifts left |
| What happens to the supply curve when supply increases? | shifts right |
| What happens to the supply curve when supply decreases? | shifts left |
| What does a change in price cause on a graph? | movement along curve |
Created by:
rockcastle