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Economics Fundamentals Flashcards | StudBud
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Economics Fundamentals
Economics Fundamentals
15 terms
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Basics concepts in economics
Flashcards
15 cards
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Practice quiz
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Questions
15
Answers
1
subsistence is
living on the edge
Just enough to survive
having a pie
having a cake
2
inflation
goods and services prices do not change
monies purchasing power declines
when pies and cakes are cheap
goods and services prices increase
3
resources
land, slavery, capital, enterprise
land, labour, donuts, enterprise
factories, labour, capital, enterprise
land, labour, capital, enterprise
4
business sector
involves selling goods and services
rip you off
involves selling labour
involves making goods and services
5
Economics is the field of study
study of production, consumption, and distribution of wealth
the study of the economic problem
about electric cars
fuel consumption of V8s
6
material living standards
more difficult to measure
measured through consumption
relatively easy to measure
measured by societies happiness
7
barter
using money for exchange
inefficient method of exchange
efficient method of exchange
swapping goods and services
8
Non material living standards
access to freedom and civil right
things that contribute to happiness
the level of unemployment
What you can buy
9
imports
burgers from Barker bakery
goods purchased from other countries
a phone sold in China
good sold in America
10
specialization is
a feature of modern economies
uneconomical
division of labour
becoming expert in a skill
11
self-sufficient
specialists in pies and cakes cooking
produces everything for your survival
trades to survive
makes great cakes and pies
12
interdependence
a consequence of specialization or the division of labor.
makes bridges unimportant
getting a job
people in economy must trade to get products they can't make
13
markets
the next best alternative
where buyers and sellers meet for exchange
putting money into shares
rip you off
14
The economic problem is
does not exist if you are rich
limited resources and unlimited wants
Scarcity
is to be solved by each of us
15
opportunity cost
the cost of the next best alternative use of resources
more cake
what you give up when you have a pie for lunch
buying stuff
