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Economics Intro Vocabulary Flashcards | StudBud
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Economics Intro Vocabulary
Economics Intro Vocabulary
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1
Someone who takes the financial risk to start a business enterprise aimed at making profit
Enchanted Garden
Enterprise
Entrepreneur
Enchilada
2
Type of economy mostly comprised of private businesses
Social
Market
Command
Mixed
3
Microeconomics refers to...
the study of small principles
the study of how the economy affects individuals
the study of the impact of the changes on the economy as a whole
the study of small forms of currency
4
Statistics that help us determine the state of the economy include
Monthly Trade
All of the above
Home ownership
Unemployment
5
Any source of use in an economy; every good and service
Natural Resources
Capital Resources
Human Resources
Resources
6
A system that rewards people who are determined and work hard to succeed
Socialism
Meritocracy
Capitalism
Aristocracy
7
Type of economy that combines elements of command and free market
Mixed
Merry
Middle
M&M's
8
How much you get for your money now compared to an earlier time period
Conflagration
Inflation
Purchasing Power
Purple Power
9
Consumable items that require effort to be obtained
services
value
goods
consumers
10
Economics is....
a social science concerned with how society chooses
to employ limited resources, which have alternative uses,
to produce goods and services for present and future consumption
all of the above!
11
Supply and demand
All of the above
Effects the value and price of goods and services
How much people are willing to pay for something
How much of something that is available
12
Macroeconomics is
the study of the impact of the changes on the economy as a whole
the study of introductions
the study of macaroni and cheese
the study of how the economy affects individuals
13
Performance of duties or work; helpful or professional activities
value
services
goods
consumer
14
'hands off' government policy of non-interference in free market business
Laissez-Faire
Lasso Fame
Louisiana
Lazy Fox
15
Type of resource dealing with machines and tools
Human Resources
Natural Resources
Advanced Resources
Capital Resources
16
These exist in finite amounts on earth
Natural Resources
Human Resources
Thanos was right!
Capital Resources
17
A person who uses goods or services
computer
con artist
commuter
consumer
18
economic and political system in which a country's trade and industry are controlled by private owners for profit
Socialism
Capitalism
Fascism
Communism
19
Scarcity is
creates demand
refers to how much of something is available for consumption
affects prices of goods and services
all of the above
20
The loss of value in currency
Inflation
Depletion
Apprciation
Depreciation
21
The overall sustained rate that prices increase over time, measured annually
Conflagration
Flatulence
Inflation
Purchasing Power
22
Free enterprise
relies on competition and is largely free of government control
only exists in the public sector
is prohibited in New York City
does not include entrepreneurship
23
A provider of goods and services is a
producer
promoter
professor
protector
24
The difference between the public and private sector is
for profit vs. non-profit enterprises
government ownership
types of goods and services provided
forms of payment accepted for goods and services
25
Type of economy where the government owns the means of production
Command
Mixed
Social
Market
