Flashcards
Chapters 18 & 19 Vocab
Cards in this deck (24)
- 1EconomicsStudy of how we use the limited resources that we have
- 2Wants vs. NeedsNeeds are essential. Wantes are our desires
- 3ScarcityNot enough to produce what we want
- 4Factors of ProductionResources essential to produce goods and services
- 5LandNatural Reources
- 6LaborHuman Resources
- 7CapitalGoods used to make other goods and services
- 8EntrepreneurshipOwner
- 9Adam SmithFather of Free Enterprise
- 10CapitalismPrivate citizens own their stuff
- 11Free Enterprise SystemBusiness owners allowed to compete with each other for profit
- 12Consumer SovereigntyConsumer is ruler of the market, determining what products are going to be sold
- 13Private OwnershipYou own your own stuff, not the government
- 14CompetitionStruggle between buyers and sellers to get best products at lowest prices
- 15Profit MotiveDriving force that encourages individuals and organizations to improve their material well-being
- 16Laissez-Faire EconomyGovernment doesn't interfere with marketplace
- 17Trade-OffLosing one thing to another
- 18Opportunity Costcost of any activity measured in terms
of the value of the next best alternative - 19GDPTotal value of goods produced
- 20Circular Flow ModelFlow of resources, goods and services and money
- 21Factor MarketMarkets where productive resources are brought and sold
- 22Product MarketMarkets where producers offer goods and services for sale
- 23SpecializationBusinesses or countries concentrate on goods and services they can produce better than everyone else
- 24Division of LaborBreaking down a job into multiple smaller tasks
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- Vocabulary for Chapters and 19 Vocabulary
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- Mahogany Alajiah
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