economics
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
|
|
||||
|---|---|---|---|---|---|
| economics | a study of decision making in a world of scarcity.
🗑
|
||||
| economics | studies how people allocate scarce resources in an attempt to satisfy unlimited wants/needs
🗑
|
||||
| scarcity | limited resouces in relation to unlimited wants
🗑
|
||||
| tradeoff | giving up one thing for something else
🗑
|
||||
| value judgment | the relative importance one assigns to an action or alternative
🗑
|
||||
| opportunity cost | the cost of a purchase or decision measured in terms of a forgone alternative; what was given up to make a purchase or carry out a decision
🗑
|
||||
| efficiency | producing the largest attainable output of a desired quality with a given set of resources; producing at the lowest possible cost
🗑
|
||||
| equity | justice or fairness in the distribution of goods and services
🗑
|
||||
| resources (factors of production) | persons and things used to produce goods and services; limited in amount; categorized as labor, capital, land, and entrepreneurship
🗑
|
||||
| labor | physical and mental human effort used to produce goods and services
🗑
|
||||
| capital | items, such as machinery and equipment, used in the production of goods and services
🗑
|
||||
| land | productive inputs that originate in nature, such as coal and fertile soil
🗑
|
||||
| entrepreneurship | the function of organizing resources for production and taking the risk of success or failure in a productive enterprise
🗑
|
||||
| wages | income for labor
🗑
|
||||
| interest | income for capital
🗑
|
||||
| rent | income for land resources
🗑
|
||||
| profit | income for carrying out the entrepreneurial function.
🗑
|
||||
| theory | tells us about relationships
🗑
|
||||
| policy | deals with guidelines and actions
🗑
|
||||
| economic theory | a formal explanation of why an event occurs, or gives a generalized interpretation of the relationship between economic variables
🗑
|
||||
| model | the setting within which an economic theory is presented
🗑
|
||||
| assumptions | conditions held to be true within a model
🗑
|
||||
| econometrics | the use of statistical techniques to describe the relationships between economic variables
🗑
|
||||
| economic policy | a guide for a course of action
🗑
|
||||
| graph | an illustration showing the relationship between two variables that are measured on the vertical and horizontal axes
🗑
|
||||
| direct relationship | two variables move in the same direction: when one increases, so does the other; graphs as an upward sloping line
🗑
|
||||
| inverse relationship | two variables move in opposite directions: when one increases, the other decreases; graphs as a downward-sloping line
🗑
|
||||
| production possibilities table | gives the various amounts of two goods that an economy can produce with full employment and fixed resources and technology
🗑
|
||||
| unemployment | resources available for production are not being used
🗑
|
||||
| economic growth | an increase in an economy's full employment level of output over time
🗑
|
||||
| capital goods | goods, such as machinery and equipment, that are used to produce other goods and services
🗑
|
||||
| consumer goods | goods, such as food and household furniture, that are produced for final buyers
🗑
|
||||
| macroeconomics | the study of individual decision making units and markets within the economy
🗑
|
||||
| efficiency | results when a good or service of a desired quality is produced at the lowest resource cost
🗑
|
||||
| efficiency | allows the greatest attainable lessening of scarcity because resources are used to their fullest
🗑
|
||||
| economic theory | explored within the framework of a model that includes variables, assumptions or conditions held to be true, data, and conclusions
🗑
|
||||
| economic policies | value judgments are important in the selection of these
🗑
|
||||
| basic economic decisions | the choices that must be made in any society regarding what to produce, how to produce, and to whom production is distributed
🗑
|
||||
| economic system | the way in which an economy is organized to make the basic economic decisions
🗑
|
||||
| traditional (agrarian) economy | an economy that relies largely on tradition, custom, or ritual when making the basic economic decisions
🗑
|
||||
| traditional economy strengths I | economic security/stability
🗑
|
||||
| traditional economy strengths II | strong family/community ties
🗑
|
||||
| traditional economy strengths III | economic safety net for most members
🗑
|
||||
| traditional economy weaknesses I | lack of innovation or change
🗑
|
||||
| traditional economy weaknesses II | few economic opportunities for individuals
🗑
|
||||
| traditional economy weaknesses III | reinforcement of social hierarchies and low levels of production
🗑
|
||||
| Market economy I | rooted in the belief that decisions are made by individuals, or in a philosophy of individualism
🗑
|
||||
| Market economy II | intentions
🗑
|
||||
| price system | a market system; one in which buyers and sellers communicate through prices in markets
🗑
|
||||
| private property rights | essential to a market economy. gives individuals and businesses the right to own resources, goods, and services, and to use them as they choose
🗑
|
||||
| free enterprise | the right of a business to make its own decisions and to operate with a profit motive
🗑
|
||||
| capitalism | an economic system with free enterprise and private property rights; economic decision making occurs in a market environment
🗑
|
||||
| circular flow model | a diagram showing the real and money flows between households and businesses in output, or product, maekets and input, or resource markets
🗑
|
||||
| output markets (Product Markets) | markets in which businesses are sellers and households are buyers; consumer goods and services are exchanged
🗑
|
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:
hkkfahy
Popular Miscellaneous sets