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AE 101 > 1.2.1.2 > Flashcards

1.2.1.2 Flashcards

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1
Q

includes
the “gifts of
nature,” or
natural resources
not created by
human effort.

A

Land

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2
Q

includes
the tools,
equipment, and
factories used in
production.

A

Capital

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3
Q

includes
people with all
their efforts and
abilities.

A

Labor

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4
Q

are individuals
who start a new
business or bring
a product to
market.

A

Entrepreneur

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5
Q

Factors of production

A

Land, Labor, Capital, Entrepreneur

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6
Q

Payment for Land

A

Rent

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7
Q

Payment for Labor

A

Wages/Salaries

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8
Q

Payment for Capital

A

Interest

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9
Q

Payment for Entrepreneurs

A

Profit

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10
Q

An economic system
cannot produce all goods
and services that
consumers, and most
consumers do not have the
resources to purchase
everything they want.

A

Law of scarcity

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11
Q

Choices must be made
about how limited
resources (time,
money) are used.

A

Law of Scarcity

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12
Q

Doing things right

A

Efficiency

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13
Q

Doing the right things

A

Effectiveness

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14
Q

how a
resource is
assigned or
distributed.

A

Allocation

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15
Q

how
resources are used
after allocation.

A

Utilization

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16
Q

refers to what
a person could have done with
what was sacrificed.

A

Opportunity Cost

17
Q

Refers the next valuable
opportunity

A

Opportunity Cost

18
Q

describes what is
sacrificed to get something else.

A

Trade-off

19
Q

Refers to two opportunities or
more with choice.

A

Trade-off

20
Q

the basic requirements for survival. Things we must have in order to survive.

A

Needs

21
Q

not absolutely or necessarily essential for survival. Things we don’t really need but would like to have.

A

Wants

22
Q

Any commodity or anything which can satisfy our wants

A

Goods

23
Q

For family

A

Household economics

24
Q

Work

A

Business economics

25
Q

Whole nation

A

National Economics

26
Q

Involving other countries

A

International economics

27
Q

Is a science because it is an
organized body of truth,
coordinated, arranged and
systematized with reference to
certain general laws and
principles.

A

Economics as a science

28
Q

countless in number and various in kind.

A

Human wants

29
Q

unlimited, satiable, recurring, complementary,
competitive, complementary and competitive, vary in urgency, and vary according
to person, place and time.

A

Features of human wants

30
Q

necessaries, comforts and luxuries

A

Classification of wants

31
Q

tangible and intangible, free and economic

A

Goods

32
Q

scarcity of resources is the root cause of all economic problems

A

Resources

AE 101 (4 decks)

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