Applied Economics (Quiz) Flashcards
Servival
Need
Comfort
Want
Natural resources,human resources and capital resources are not avaible
Scarcity
Components that exist in the world without the input of humans.
Natural resources
Available to us in limited quantities,or those E.g. metals,rocks,minerals.
Non-renewarble resources
Replenished naturally in the course of time wind energy, Biomas,solar energy
Renewable resources
Set of people wo make up.
The workforce of an organization
Human resources (HR)
Hand made
Capital resources
(such as land,labor,capital, and entrepreneurship.
Faction of production
Limited
Budget constraints
Desires,wants
Personal preference
General economic system consists of individual, industries, government
Characteristics of an economics
Types economic system
System is base on principle of private property and free Enterprise
Capitalism
Allow to do/plurites france book from 1956 to 1778
Laissez
Jean baptise Colbert
Leave us alone
Help business
Central planning(takes an activity,leading role)
Socialism
Private retor,many resources of production
Mixe economy
Historical precedent
Traditional economy
Limited need people of food individuals
What to produce
Combination quantity of each resources
(Used a give level of output)
How to produce
Whom to produce
Industries or companies that require larger up front
Capital intensive
Large amount of labor to produce of good to service
Labor intensive
Construction of delaying production and having it later
When to produce
Location of the i.e. neat soutce of raw materials source of energy,near transport system of market
Where to produce
Defined as the cost of any decision measured
Opportunity cost
