29454154
Description
Flashcards by Jenny Johnson, updated more than 1 year ago
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Created by Jenny Johnson
about 3 years ago
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| Question | Answer |
| wants | desires |
| amount of a good produced | supply |
| study of production, consumption, and distribution of wealth | economics |
| basics of life; food, clothing, shelter | needs |
| abstaining from consumption; not using | saving |
| what people want to have produced | demand |
| amount charged for goods and services | price |
| collected by government to provide public services | taxes |
| spending on capital goods | investment |
| businessman | entrepreneur |
| human resource | producer |
| people whose wants are satisfied | consumers |
| competition between producers and low prices for consumers | consumer's market |
| economic system in which the government controls economic decisions | communism |
| problems of distributing resources to best satisfy wants | financial program |
| problems of distributing resources to best satisfy wants | choice |
| producers are under-supplying and making a large profit | producer's market |
| economic system of the United States | free enterprise |
| regulates economic system, collects taxes, balances total supply and demand | government |
| gold which backs up currency | reserves |
| organized means by which a nation uses its resources to satisfy its wants | economic system |
| economic rivalry among sellers | competition |
| man-made resources used in production | capital goods |
| land, labor, capital goods, entrepreneurship | factors of production |
| bank deposits; demand deposits on which people write checks | money |
| Human wants must be satisfied by | available resources |
| Society as a whole can never keep up with | the wants of the people |
| Specialization causes people, regions, and countries to become more | interdependent |
| When the supply of a product is less than the demand, prices and profits | rise |
| Taxes the government collects are spent on | public goods and services |
| What does the Bible advise for economic success? | hard work |
| What is NOT a function of money? | provides a source of contentment |
| What is created by mass production? | computers |
| The borrower is | servant to the lender |
| A tithe means | 10 per cent |
| What are 4 important decisions our economic system helps us make? | 1. what good & services should be produced 2. how goods and services should be produced 3. who should have the goods and services produced 4. how much of these goods and services should be produced |
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