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Economics Deffs
economic definitions
| Question | Answer |
|---|---|
| competition | struggle among producers for the dollars of consumers; rivalry among sellers to attract customers while lowering cost. |
| product market | market in which households purchase the goods and services that firms produce |
| land | all natural resources used to produce goods/services |
| self-interest | ones own personal gain |
| specialization | concentration of productive efforts of individuals and firms on a limited number of activities |
| factor market | market in which firms purchase the factors of production from households |
| socialism | social p/political philosophy based on belief that democratic means should be used to evenly distribute wealth through out society |
| communism | political system characterized by centrally planned economy with all economic and political power resting in hands of central government |
| authoritarian | requiring strict obedience to an authority, such as a dictator |
| collective | large farms leased from state to groups of peasant farmers |
| Define Economics | study of choices people make when faced with scarcity. to buy this or not to buy this |
| scarcity | limited resources for unlimited wants |
| shortage | not enough of a product to meet demand at given price |
| factors of production | land natural resources, labor work force, capital any human made resource |
| entrepreneurs | combine factors of production to make new products |
| opportunity cost | most desirable alternative you must give up as a result of a decision the next best thing |
| good | physical object shoes shirts |
| service | actions activities done by someone thing for another person |
| thinking on the margin | 1 more or less units of something |
| labor | work force: effort devoted to task that they r paid 4 |
| market | arrangement that allows people buy or sell goods or services |
| production possibilities curve | graph that shows alternative waus to use resources. |
| production possibilities frontier | line on graph |
| why do markets exist | no one self sufficient each of us specializes. we produce what we are good at b/c then this saves time labor resources. |
| capital | any human made resource thats used produce other goods/services |
| physical capital | human made objects used make other goods/services |
| human capital | natural resources and knowledge/skill gained on job/ from experience |
| safety net | set of gov progs that protect people experiencing bad economic issues. medicare, health care |
| standard of living | level economic prosperity |
| traditional economy | relies on habit, custom or ritual to decide what to produce, how to produce it and to who it goes 2. |
| market economy | made by individuals nd based on exchange or trade |
| centrally planned economy | cent gov holds all power |
| command economies | alt name for centrally planned economy's |
| mixed economy | market based eco systems. gov plays limited role |
| the invisible hand | where the people basically get what they want around price they prefer |
| laissez faire | doctrine that gov generally should not intervene in market place |
| privatized | sold to individuals then allowed to compete with 1 another in marketplace |
| Guns n Butter | Ethier more military less food or more food less military |
Created by:
TAbernathy
Popular American Government sets