Economics Flashcards
What is a basic economic problem?
Scarcity - wich means there is limited resources for unlimited wants
economic system?
how does a government organize, and distribute available resources, services, and goods across a region or country
opportunity cost
is the cost of giving up one opportunity to take another one. The ‘next best alternative’ that must be given up comes with a cost.
globalisation
a term to describe how trade has made the world into a connected and interdependent place
Factors of Production
C- capital
E- Entrepeneurship
L/N- Land / natraul
L - Labour
capital
machinery, equipment, building etc..
entrepreneurship
The CEO of a company, or of the brands that company uses.
Land / Natural
Veggies, fruit, oils, coffee, land, etc..
Labour
Servers, chefs, business people, marketing, etc..
subsistence economy
an economy not reliant on money and is rather dependant on being able to sustain/fulfill yourself with things such as hunting
market capitalist economy
an economic system in which economic decisions and the pricing of goods and services are guided by the interaction of countries’ individual citizens and businesses
Planned Socialist Economy
An economic system in which decisions are made by a central authority rather than by market participants.
Mixed economy
has a combination of capitalism and socialism. Creating a balanced system with mixed priorities and fundings
Non-materialistic:
food, water, shelter
materilistic
quality education, cars, health coverage
