This is so you know terms and stuff on economics
Help!
|
|
||||
|---|---|---|---|---|---|
| Ability to pay | Other than the desire for a good or product what is needed to make up demand?
🗑
|
||||
| Barriers to Entry | The situations that make starting a firm in a particular industry difficult.
🗑
|
||||
| Competition | When sellers actively compete for the dollars of consumers, it is called
🗑
|
||||
| Decreases |
According to the Law of Demand "As price of the good or service increases demand for that product
🗑
|
||||
| Discretionary Spending | A continual rise over time in a nation's production of goods and services
🗑
|
||||
| The Economic way of thinking |
Understanding that all human behavior involves choice and that these choices can be analyzed
🗑
|
||||
| Gross Domestic Product | The sum of all goods and services produced within a country for a given year.
🗑
|
||||
| How others value what you do How well you do what you do How difficult it is to replace you |
How much you earn depends on the value of your work, how well you do at your job, and determines what a person makes.
🗑
|
||||
| If you decide to buy something, you are | a consumer
🗑
|
||||
| Income Taxes |
Taxes placed on an individual's income.
🗑
|
||||
| Monopolistic Competition Oligopoly | Monetary policy deals with
🗑
|
||||
| Patents CopyRight | The gov't creates policies to help improve market outcomes is done with
Services
🗑
|
||||
| Services |
Actives preformed by people firms or government agencies to satisfy economic
wants . Cannot be stored or transported and are not instantly perishable.
Come into existence when they are bought and consumed.
🗑
|
||||
| Supply | The amount of a good or service that is available for sale.
🗑
|
||||
| An unintended consequence |
Something that was not planned to happen
🗑
|
||||
| What can be inferred from from the line' "scarcity is the gap between our unlimited wants and limited resources" | Whenever we are faced with deciding if a good or service is worth the cost, we are experiencing scarcity.
🗑
|
||||
| What factor results in never being able to satisfy all of our wants and needs? | Scarcity
🗑
|
||||
| When economists refer to scarcity, they mean | When economists refer to scarcity, they mean
🗑
|
Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
Created by:
Rocker08241
Popular History sets