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Economics Notes
info needed for test
| Question | Answer |
|---|---|
| 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 |
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