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Unit # 1 Economics Flashcards | StudBud
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Unit # 1 Economics
Trade-off
Consumer Goods
Unit # 1 Economics
27 terms
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StudBud Administration
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23 plays
This unit covers the basics of economics
Flashcards
27 cards
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Practice quiz
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Questions
27
Answers
1
Consumer Goods
Exchange goods without involving money.
A curve showing different combinations of 2 goods/services
all things used in producing goods and services
goods produced for present consumption
2
Trade-off
Basic requirements for human survival
arrangement that allows buyers/sellers to exchange things
Giving up one thing for another
property owned by individuals or companies, not government
3
Contract
Limited quantities of resources to meet unlimited wants
Raw materials supplied by nature
using resources to maximize the production of goods/services
a binding agreement between two or more persons
4
Natural Resources
Raw materials supplied by nature
the trade of things of value between the buyer/seller
the struggle among producers for the dollars of consumers
Limited quantities of resources to meet unlimited wants
5
Producers
A person who organizes, manages, and takes on business risk
A system for producing and distributing goods, and services
Any activity that fulfills a human want/need & returns $
One who provides goods and services
6
Production Possibilities Curve
Exchange goods without involving money.
plans set up for unemployment problems
A curve showing different combinations of two goods/services
goods produced for present consumption
7
Self-interest
One who provides goods and services
the struggle among producers for the dollars of consumers
A system for producing and distributing goods/services
an individual's own personal gain
8
Money
Giving up one thing for another
Assets people accept in exchange for goods/services
whatever must be given up to obtain some item
any arrangement that allows buyer/sellers to exchange things
9
Exchange
Raw materials supplied by nature
the trade of things of value between the buyer/seller
Limited quantities of resources to meet unlimited wants
a binding agreement between two or more persons
10
Private Property
Basic requirements for human survival
all things used in producing goods and services
arrangement that allows buyers/sellers to exchange things
property owned by individuals or companies, not government
11
Free Enterprise
Businesses have little government intervention
arrangement that allows buyers/sellers to exchange things
property owned by individuals/companies, not the government
Giving up one thing for another
12
Capitalism
Mixed economies that are closest to the pure command model
a binding agreement between two or more persons
using resources in such a way as to maximize the production
A mixed economy that is closer to the free market model
13
Economy
One who provides goods and services
Any activity that fulfills a human want/ need & returns $
an individual's own personal gain
A system for producing and distributing goods, and services
14
Opportunity Cost
whatever must be given up to obtain some item
Division of work into a number of separate tasks
Asset people accept in exchange for goods and services
Businesses have little government intervention
15
Division of Labor
Assets people accept in exchange for goods/services
whatever must be given up to obtain some item
Division of work into a number of separate tasks
an individual's own personal gain
16
Economic Security
all things used in producing goods and services
goods produced for present consumption
Exchange goods without involving money.
plans set up for unemployment problems
17
Market Economy
Mixed economies that are closest to the pure command model
the struggle among producers for the dollars of consumers
Economic decisions are made by individuals/ the open market.
Limited quantities of resources to meet unlimited wants
18
Needs
all things used in producing goods and services
goods produced for present consumption
all things used in producing goods and services
Basic requirements for human survival
19
Service
Division of work into a number of separate tasks
whatever must be given up to obtain some item
Any activity that fulfills a human want/need & returns money
A person who organizes, manages, and takes on business risk
20
Competition
the struggle among producers for the dollars of consumers
an individual's own personal gain
A system for producing/distributing goods/ services
Limited quantities of resources to meet unlimited wants
21
Efficiency
using resources to maximize production of goods/ services
the trade of things of value between the buyer and seller
Mixed economies that are closest to the pure command model
a binding agreement between two or more persons
22
Scarcity
the struggle among producers for the dollars of consumers
Limited quantities of resources to meet unlimited wants
an individual's own personal gain
Raw materials supplied by nature
23
Market
Basic requirements for human survival
Giving up one thing for another
property owned by individuals or companies, not government
arrangement that allows buyers/sellers to exchange things
24
Authoritarian Socialism
a binding agreement between two or more persons
A mixed economy that is closer to the free market model
using resources to maximize production of goods/ services
Mixed economies that are closest to the pure command model
25
Barter
plans set up for unemployment problems
goods produced for present consumption
A curve showing different combinations of 2 goods/ services
Exchange goods without involving money.
26
Resources
goods produced for present consumption
all things used in producing goods and services
A curve showing different combinations of 2 goods/services
Basic requirements for human survival
27
Entrepreneur
Assets people are willing to accept in exchange for goods
Division of work into a number of separate tasks
A person who organizes, manages, and takes on business risk
whatever must be given up to obtain some item
