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39 Cards in this Set
- Front
- Back
Economics
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The study of how individuals and nations make choices about ways to use scarce resources.
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Wants
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Things we would lie to make life more comfortable.
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Needs
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Requirements for survival.
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Miroeconomics
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The economic behavior and decision-making by individuals and small businesses.
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Macroeconomics
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Economic behavior and decision by government or whole industries or whole societies.
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Scarcity
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Not having enough resources to produce all of the things we would like to have.
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Resources
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Money,people, and materials available to accomplish one's goals.
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Trade-Off
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The alternative you face if you decide to do one thing rather than another.
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Opportunity Cost
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The cost of the next best alternative use of time and money when choosing something over the other choice.
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Cost
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The money needed to pay for something.
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Price
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What you could be charged for goods and services.
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Fixed Cost
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Costs or expenses that are the same no matter how many units of a good are produced.
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Variable Cost
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Expenses that change with the number of items produced.
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Total Cost
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The sum of Fixed Costs and Variable Costs.
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Marginal Cost
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The additional cost of producing one additional unit of output.
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Goods
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Products we use to satisfy our wants and needs.
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Service
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Work performed by person for someone else.
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Land
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Natural Resources that you use to produce more resources.
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Labor
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Anyone who produces goods and services with work.
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Capital
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Manufactured goods used to make other goods and services.
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Entrepreneurship
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When an individual decides to open up her own business or introduces new products.
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Human Capital
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The sum of people's skills, abilities, and motivation. Growth in human knowledge and experience.
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Physical Capital
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Production as in machinery, buildings,or computers.
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Gross Domestic Product
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The total value in dollars of all the final goods and services produced in a country during a single year.
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Standard of Living
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The quality of life based on possession of necessities and luxuries that make life easier.
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Market
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A free and willing exchange of goods and services.
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Factor Market
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A market where productive resources are bought and sold.
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Product Market
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A market were producers offer goods and services for sale.
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Revenues
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Money from the taxes on businesses and individuals. The government uses them to purchase final goods and services in the product markets.
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Expenditure
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The action of spending funds.
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Productivity
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The efficient use of resources in a specific period of time.
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Specialization
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When people, businesses, regions, and countries concentrate on goods or services.
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Division of Labor
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Breaking down jobs into small tasks performed by different workers.
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Economic Interdependence
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When we rely on each other and they rely on us to provide goods and services.
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Capiitalism
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When private citizens use factors of production in order to seek a profit.
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Free Enterprise
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When competition is allowed to flourish with a minimum of government interference.
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Competition
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The struggle between buyers and sellers to get the best products at the lowest prices.
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Profit Motive
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The driving force which encourages individuals and organisations to improve their material well-being.
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Laissez- Faire
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"To let alone". Government shall not interfere in the marketplace, all they have to do is ensure free competition.
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