Flashcards
Economic Questions, Economic System, Circular Flow
Flashcards do conjunto (23)
- 1Process in transforming goods into usable formsProduction
- 23 factors of productionland
labor
capital - 33 basic economic questionsWhat to Produce?
How to Produce?
For whom to Produce? - 4The society must know the people's needs in order to satisfy their needs and wantsWhat to Produce
- 5Refers to the mode of production usedHow to Produce?
- 6Manual LaborLabor-Intensive Mode
- 7Involves Machinery and toolsCapital-Intensive Mode
- 8Its concern is how it will be distributed among the members of the societyFor Whom to Produce
- 9Set of social institutions that aim to answer the three economic questionsEconomic System
- 104 types of economic systemTraditional Economy
Command Economy
Market Economy
Mixed Economy - 11It is based on how things are done in the past, PrimitiveTraditional Economy
- 12The government dictates what to produce, for whom to produce and how to produceCommand Economy
- 13There is no intervention of the government A.K.A Laissez-faireMarket Economy
- 14PricePrimary mechanism of exchange
- 15There is an intervention of the government but at the same time there is freedom of choiceMixed Market
- 16Composed of individuals who exhibit certain needs and wantsHousehold
- 17Organization that transform resources into productsFirms
- 18Firms supply what the household demandsOutput Market
- 19Household supply what the firms demandInput Market
- 20Refers to natural resourcesLAND
- 21Composed of people who are involved in the production of goods and serviceLabor
- 22Composed of man-made that are used to produce other goodsCapital
- 23Person who combines capital, land and labor and comes up with the productEntrepreneur
Informações
- Descrição
- SocialStudies (Demand) FlashCards sobre Economic Questions, Economic System, Circular Flow, criado por hansy784 em 10-10-2013.
- Criado por
- hansy784
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