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Economics: Fundamentals Vocabulary Flashcards | StudBud
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Economics: Fundamentals Vocabulary
Economics: Fundamentals Vocabulary
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ECONOMICS SHANLEY #grade_10 Hillary created this your welcome :)
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Answers
1
Invisible hand
The invisble place order in the money that is recieved from banks
The process of holding a sharehold for a business deal or entity
Prhase from slaves that they were hit and were invisble
Phrase by Adam smith ot refer to self regulating nature of free marketplace
2
Economics
The prcess of obtaing money for government
The study of scarcity and choice
The study of money
The decision to spend money on something
3
Negative incentive
A penalty that tries to get all the government policy
A penalty for a government to mix natural recources
A penalty that discourages a behavior
A penalty that incourages a behavior
4
Factors of production
Production of steal and copper for railroads
Land, labor, and capital 3 groups of resources l used to make all goods.
The process of producing market stocks
Production used for marketing
5
Specialization
The development of skills in a specific kind of work and division of labor
Specialization of the development in a insurances company
The development of a delivery negotiator
The specialties of the economic system combined together
6
Traditional economy
Economy consistency of no money in a business
An economy consisting of mostly subsistence agricultural
Economic security of agriculture
The economy saved by an individual
7
Needs is the basic requirement for human survival
True
False
8
Opportunity Cost
The most desirable alternative given up as the result of a decision
The result of a bad mixed decision
The undesirable economic system for a company
The least desirable alternative given as a result of a decision
9
Mixed economy
Market based economic system with limited government involvement
When markets are mixed to another business
The market system of other countries mixed together
The process of combining marketing stuff
10
Human recourses
The process of reacting to people obtaing recources
Recources that are made for people
People who work to produce goods and services
Idea of obtaining and selling recources for humans
11
Outputs
The products of a entrepreneur that owns two businesss
The point of natural recources to actually function
The earnings of the economic services in a government
The products and or services that an organization produces
12
Is marginal benift the additional benefit associated with an action?
False
True
13
Command economy
System ability to earn and loose money depending on the sitaution.
Money that can be lost and gained
Economic system in which government controls a country’s economy.
Economic system which people contol what can happen
14
Entrepreneur is a person who ends the working process if a business.
True
False
15
Positive incentive
A reward or other enticement that encourages behavior
The process of being positive toward your employers
The obejective of trying to hold up a business
The reward that a shareholder that needs to obtain because of behavior
16
Marginal cost
The cost added by producing 1 additional unit of a product or service
The cost that is spent is larger than the amouny obtained
The process of being part of the economic system
The cost that a person had to pay
17
Free market economy
Economic system resources are that owned and controlled by private sector
Recources that are used for free marketing
Mareting resources that you cant obtain my trade
The idea of obtaining free resources in marketing
18
Natural resources
People who work in a business and sells natural recources
The right time to open up raw materials to a marketing system
Market based economic system to not limit a government
Raw materials from nature that are used to produce goods
19
Inputs
The process of giving out money to people
The money recieved from a entrepreneur
Money that is saved in banks
specific economic resources used in producing goods and services
20
Economic systems
System that comes from money in that situation
The process of obtaining money in a system
System of accumulation of money
Methods societies use to produce and distribute resources
21
Wants
The limited amount an employee needs to get a job
The limited amount of effort an entrepreneur creates
Desires that cannot be satisfied with a goods or a service
Desires that can be satisfied by consuming a good or service
22
Physical capital
The human made objects used to create other goods and services
The capital that becomes physical with the insurance
Entrepreneurship money that goes in a bank
The man made objects not being able to create other goods and servaces
23
Scarcity
The unlimited nature of a societys recources
The limits to a government and there insurance
The limited nature of society’s resources
The limited amount a money a company deserved
24
Productivity
Value of a product compared to the amount of labor neeeded to make it
Value of the money and shareholder must hold
The value of life and the insurance with death
The products that insurance needs to survive
25
Production possibilities frontier
A line of possibilities
A line on a production possibilities graph that shows max possible output
A line that measures the amount a employer needs for earnings
Production possibilities in a certain business
26
Voluntary exchange
principal that people may decide what, when, how they want to buy and sell
Market based mixture of limited government officials
Additional benifit with a withdraw in a public system
Limits on the agricultural exchange of goods and services
