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What is economics
This includes tools, machines and factories
Factors of production
What is economics
20 terms
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The basics about economics.
Flashcards
20 cards
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Questions
20
Answers
1
Factors of production
what people are never good at
Resources needed to produce all goods and services
There are 4 of them
2
This includes tools, machines and factories
labor
capital
Land
3
Trade-offs
Is what you give up in order to get something else
when you take something with out asking
buying expensive wool
4
Occurs when the economy is utilizing all of its resources efficiently
Allocative efficiency
efficiency
productive efficiency
5
Refers to markets where services of the factors of production are bought and sold.
production
factors
6
Manufactured goods and resources used produce goods and services.
Land
entrepreneur
Labor
Capital
7
Value of the next best alternative given up for the alternative that was chosen.
Trade-off
Labor
land
Opportunity cost
8
Costs
losses
Gainz
wins
9
Work people are paid to do to produce goods and services
entrepreneurs
labor
Capital
land
10
What is economics?
A type of doctor
The study of how money is made
The study of how people make decisions
11
Where goods and services produced by businesses are sold to households.
factor
product
12
The maximum output of a combination of goods and services.
Possibility Drag Curve
Possibility Drop Curve
Possibility Production Curve
13
Needs
What we need to survive
What we don't need
What we sometimes need
14
Wants?
what you can live without
what you can never live without
What you would die with out
15
Benefits
Gains
Gainz
losses
16
Scarcity
when there is to many resources
Basic economic problem from limited resources
17
Macroeconomics
Study of mac an cheese
Study of the world
Study of the economy as a whole
18
Produce only those types of goods and services that are more desirable in the society.
Productive Efficiency
Allocative Production
Production
19
Use the less amount of resources to make the most amount of your product.
efficiency
Productive efficiency
Allocative efficiency
20
Microeconomics
Study of world wide companies
Study of the individual consumers and businesses
Study of corporations
