1er parcial

Question 1

scarcity

Answer 1

unlimited desires

limited resources

Question 2

scarcity

Answer 2

is not the same to poor ist just to priorice the needs

Question 3

substitute

Answer 3

a product that is comparable and similar in funtionality to the current item

Question 4

replacement

Answer 4

product that’s assigned when the current item becomes temporarily or permanently unavailable

Question 5

efficent

Answer 5

describes a process obtaining desired results without wasting materials, time and energy

Question 6

Economic efficiency

Answer 6

Requieres an economy that produces the highest combination of quantity and quality of products and services given it’s technology and its scare resources

Question 7

Wealthy

Answer 7

possesing money, actives

Question 8

Surplus

Answer 8

Describes the amount of an asset or resource that exceeds the portion that´s actively utilized can refer to income, profits, capital, and goods

Question 9

Excess

Answer 9

An amount that is more than expected or reasonable

Question 10

elements of economic systems

Answer 10

the need
productive factors
economic agents
economic sector

Question 11

ECONOMIC SYSTEM

Answer 11

It´s the form by wich societies or governments organize and distribute availble resources, services and goods across a geographic region or country

Question 12

Production Factors

Answer 12

inputs need to

Question 13

Land

Answer 13

natural resources (water, oil, gold)
is an essential component of most ventures, it's importance can diminish or increse base on industry

Question 14

Labour

Answer 14

Refers to the effort expended by an individual bring a product or service to the market

Question 15

Organization

Answer 15

The difference in skill levels and terminology also helps companies and entrepreneurs create corresponding disparities in pay scales

Question 16

Capital

Answer 16

Refers to money but we also talk about tools

Question 17

Entrepreneurship

Answer 17

It’s a factor that combines all the orther factors of production into product or service for the consumer market

Question 18

Capitalism

Answer 18

Economic system in which private actors own and control property in accordance with their interests
private proterty
freedom to chose
limited role of government

Question 19

Socialism

Answer 19

Economic system advocating to a public ownership rather than private
Property and resources are own by the state
Focused on the means of production, distribution and exchance of goods
similar to communism

Question 20

Communism

Answer 20

Based on the goal of eliminating socieconomic class struggles,
Classless society
The state controlls all propert and wealth and all economic aspects

Question 21

Marxism

Answer 21

Worker class: Alinated
Wage slavery
unequal society dived between the bourgeoisie and proletariat

Question 22

Laissez- Faire

Answer 22

Allow to do
reject the practice of government intervention in an economy
natural right to freedom

Question 23

Neoliberalism

Answer 23

nsd

Question 24

Economic Agents

Answer 24

Individuals or organizations that impact the Economy

they consume, produce or influence capital markets

Question 25

Companies

Answer 25

Dedidcated to the production of goods and services
they pay wage to the workers
the families pay for the products

Question 26

State

Answer 26

Act as a regulator and tax collector in the economy

with those taxes they will provide the required services

Question 27

Families

Answer 27

Crutial figure as they both consumers and producers (labor force)
they migth also save invest

Question 28

Central Bank

Answer 28

keep price stability by controlling the rate of inflation

stablish the monetary system of a country

Question 29

Technology

Answer 29

application of scientific knowledge for practial purposes, especially in industry
machinary and equipment developed from the application of scientific knowledges