econ unit 1 quiz Flashcards
trade off
when you choose one thing which causes you to have to give up, or sacrifice, another
opportunity cost
loss of potential gain from other alternatives when one alternative is chosen.
macroecnmics
study of the whole ecmony
microecnmics
indvuail choices you make anout the ecnmocy
tradtional ecnmoy
barging
locally prdued
owned by local or gov
little waste
giving resources to those who need it most
ex farminrg
command ecnmoy
conteroled by gov
no priv property
unemployment
social welfare ( help families )
no innovation or completion
nazi germnay
market ecnmoy
priv property
competion
freedom
minmium intervention
united states
priv groups hold ecnmc power rather than gov
mixed market ecmony
priv property
gov intervention
dif social classes
prevenst monpolies
gov invloed
scaricty
more supply than demand
captlism
oppsite of soialsm
priv peps own production and profit
monopolies
investment
free market
united states
motivation to make a proft
communsion
no social classes
no priv prepty
socialsim
no competion
collective ownership
gov decides how reaosurces are distrubted
specialzation
a comapny foucus labor on a spefci type of prodction
ex: a nation that has easy access to wood should specilzes in furture
trade off ex
you might take a day off work to go to a concert, gaining the opportunity of seeing your favorite band, while losing a day’s wages as the cost for that opportunity.
oppturiny cost ex
if you choose to stay at colleg you are losing traveling experience if you take the gap year your giving up a lot of money
