5178582
Description
Flashcards by alanaking1132, updated more than 1 year ago
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Created by alanaking1132
about 8 years ago
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| Question | Answer |
| Economics | The science that deals with the production, distribution, and consumption of commodities |
| Wants vs. Needs | Wants are something that you don't HAVE to have, but you would like to have. Needs are things that are necessary for your life. |
| Scarcity | Being in short supply |
| Factors of Production | The inputs that are used in the production of goods or services in the attempt to make an economic profit |
| Land | Resources of production that the Earth provides |
| Labor | The parts of production that require human effort to get the production to a specific point |
| Capital | Any man-made thing that participates and has a part in production |
| Entrepreneurship | The part of production when a product manager (goods or services) sells and makes a profit off of his product |
| Entrepreneur | A person who provides goods or services on their own and makes a profit from it |
| Trade-Off | Involves a sacrifice that must be made to get a certain product or experience |
| Opportunity Cost | the cost of an alternative that must be forgone in order to pursue a certain action |
| Gross Domestic Product | a broad measurement of a nation's overall economic activity |
| Circular Flow Model | economic model depicting how money flows through the economy |
| Factor Market | markets where services of the factors of production (not the actual factors of production) are bought and sold |
| Product Markets | the marketplace in which final goods or services are offered for purchase by consumers, businesses, and the public sector. |
| Specialization | when a nation or individual concentrates its productive efforts on producing a limited variety of goods |
| Division of Labor | Dividing a job into many specialized parts, with a single worker or a few workers assigned to each part |
| Adam Smith | a Scottish moral philosopher, pioneer of political economy, and a key figure in the Scottish Enlightenment |
| Capitalism | An economic and political system characterized by a free market for goods and services and private control of production and consumption |
| Free Enterprise System | an economic system where few restrictions are placed on business activities and ownership |
| Consumer Sovereignty | the situation in an economy where the desires and needs of consumers control the output of producers |
| Private Ownership | a legal designation for the ownership of property by non-governmental legal entities |
| Competition | When two or more people are competing for something (in this case, two entrepreneurs fighting for the bigger profit) |
| Profit Motive | The intent to achieve monetary gain in a transaction or material endeavor |
| Laissez-faire | “Let (people) do (as they choose).” |
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