econ 1~6 Flashcards

(32 cards)

1
Q

resource

A

factor of production

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2
Q

scarcity

A

A shortage of an product

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3
Q

free goods

A

goods that are accessible with out producing

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4
Q

economic goods

A

goods that use resources to produce

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5
Q

types of factor of production

A

land, labor, enterprise, capital

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6
Q

labor

A

all human efforts

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7
Q

capital

A

man made product that helps to produce other products (machines)

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8
Q

capital goods / producer goods

A

goods that is wanted for what it produces

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9
Q

consumer goods

A

goods that consumers consume (food, clothings)

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10
Q

enterprise

A

a willingness to risk for a uncertain idea or a decision in a business

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11
Q

land

A

general resources from the earth

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12
Q

occupationally mobile

A

can be used for different preposes

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13
Q

geographically mobile

A

can be moved physically

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14
Q

gross investments

A

total output produced by capital goods

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15
Q

net investment

A

gross investment - depreciation

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16
Q

depreciation

A

capitals that wear out

17
Q

opportunity cost

A

the best alternative forgone

18
Q

PPC

A

production possibility curves

19
Q

shift of ppc outwards

A

increase in qualities or quantities

20
Q

market

A

arrangements that bring buyers into contract with sellers

21
Q

microeconomics

A

study of decisions of firms and households + individual markets

22
Q

macroeconomics

A

study of whole economy

23
Q

economic agents

A

decision makers in economy

24
Q

private sector

A

firms owned by shareholders & individuals

25
economic system
determines how resources are allocated
26
planned economic system
governments makes big decisions
27
directives
state instructions given to state owned enterprises
28
mixed economic system
where governments & private sectors play important roles
29
price mechanisim
how prices are determined to supply and demand
30
capital/labor intensives
large proportion used relative to each other
31
equilibrium
demand and supply are equal at current price
32
disequilibrium
when supply and demand do not equal each other