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Economics Notes

info needed for test

QuestionAnswer
consumption using goods and services
scarcity the inability to satisfy all wants at one time
resources factors of production that are used to make goods and services
choice selecting an item from a list of alternatives
opportunity cost what is given up when you make a choice
price amount of money exchanged for a good or service
incentive things that motivate
supply amount of goods and services available
demand amount of goods and services consumers are willing and able to buy
production combining 4 resources to make goods and services
the 4 types of resources natural, human, capital, and entrepreneurship
what 2 factors determine price? supply and demand
law of demand as price goes up, demand goes down
law of supply as price goes up, quantity supplied goes up
substitute goods that can be exchanged for one another
compliment goods that are used in conjunction with one another
3 basic questions of economics 1. what will be produced? 2. who will produce? 3. for whom will it be produced?
what are the 4 types of economies? traditional, free-market, command, mixed
What are economic decisions based off of in traditional economies? custom
How are jobs determined in traditional economies? what their parents do
what is an example of traditional economy? India
How are property and resources owned in free-market economies? privately
what are 3 big things in free-market economies? profit motive, competition, and individual choice
how much is the government involved in free-market economies? minimally
what is an example of a free-market economy? Hong Kong, China
How is property owned in command economies? centrally by the government
what is an example of a command economy? North Korea and Cuba
What are the 3 types of business organizations? sole proprietorship, partnership, and corporations
what is a sole proprietorship? a small business owned by one person
what are the strengths of a sole proprietorship? their own bosses, decide details, keep all profits
what are the weaknesses of a sole proprietorship? must supply all money, pay taxes, must face losses if it fails
what is a local example of a sole proprietorship? For the Love of Chocolate
what is a partnership? a business in which 2 or more people share all costs and responsibilities
what are the strengths of a partnership? more money sources, greater chance of success, share responsibilities
what are the weaknesses of a partnership? disagree on the way things are done, share profits and credit
what is a local example of a partnership? Allen, Allen, Allen, and Allen
what is a corporation? a permanent organization which ends when their owners die
who is a corporation owned by? stockholders
What are the strengths of a corporation? assets are sold if it fails, liable for only your part
what are the weaknesses of a corporation? lots of rules and regulations, very little voice
what is a local example of a corporation? Kroger
What is an entrepreneur a risk taker who starts their own business to make a profit and bring factors of production together
In the product market, the household pays _____ in return for _____ from the government. taxes, services
In the product market, the business provides ________ in return for _____from the household. products and services, monetary payments
In the product market, the business provides ________ in return for _____ from the government. products and services, monetary payments
In the resource market, the household provides ________ in return for _____ from the government. labor, monetary payments
In the resource market, the household provides ______ in return for _____ from the business. labor, monetary payments
In the resource market, the business pays _____ in return for ______ from the government. taxes, services
What are the 5 roles the US government plays in our economy? 1. Maintain legal and social framework 2. provide public goods and services 3. maintain competition 4. redistribute income 5. stabilize the economy
What does the government do in maintaining legal and social framework? laws, courts, monetary system, and maintain security
what is the difference in public and private goods? public - many people use at a time (taxes) private - 1 person at a time (you want, you pay)
What is a characteristic of maintaining competition/ have anti-trust acts - eliminate monopolies
How does the government redistribute income? taxes - through welfare, social security, Medicare, Medicade
How does the government stabilize the economy? reduce unemployment, control inflation, promote economic growth
Created by: volleyball15