Economics Test Review Flashcards

1
Q

Goods bought and used by consumers

A

Consumer goods

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2
Q

When we do not have enough resources to produce all of the things we would like to have

A

Scarcity

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3
Q

Those which do not require monetary payment

A

Non-economic want

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4
Q

Goods that are used in producing other goods

A

Capital Goods

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5
Q

Things that are inputs to production of goods and services

A

Economic Resources

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6
Q

A business responsible for all things worker related

A

Human Resources

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7
Q

A behaviour of individuals in society

A

Ethics

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8
Q

A process that, based on inputs, lead to the manufacture good

A

Economic Activity

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9
Q

Satisfaction levels consumers receive from buying and using the product

A

Economic Utility

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10
Q

The value given to a product by virtue

A

Form Utility

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11
Q

Making goods or services available in locations for early access products and services

A

Place Utility

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12
Q

Provides goods or services when they demand or need them

A

Time Utility

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13
Q

The value given to a product by virtue of the fact that the buyer has the legal right to own and use it freely

A

Possession Utility

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14
Q

A demand in which changes in price have large effects on the amount demanded

A

Elastic Demand

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15
Q

A demand in which changes in price have no effects on the amount demanded

A

Inelastic Demand

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16
Q

The combination of economic variables

A

Economic Equilibrium

17
Q

The study of the economic behavior and decision making of small units, such as individuals, families, and businesses

A

Microeconomics

18
Q

The duty of a business to contribute to the well-being of a community

A

Social Responsibility

19
Q

Economic principle which states that the supply of a good or service will increase when demand is great and decrease when demand is low

A

Law of Supply and Demand

20
Q

Quality of life based on ownership of necessities and luxuries that make life easier.

A

Standard of living

21
Q

Things used to produce goods and services, like buildings, materials, and equipment

A

Capital Resources

22
Q

The study of the economy as a whole, including topics such as inflation, unemployment, and economic growth

A

Macroeconomics

23
Q

Whatever is given up when we make an economic decision.

A

Opportunity Cost

24
Q

This is the alternative we give up when we choose to do one thing rather than another.

A

Trade Off

25
Q

Tasks/work that people do for others for payment/money.

A

Services

26
Q

Things people desire

A

Wants

27
Q

The price of one good in comparison with the price of other goods

A

Relative price

28
Q

The two main divisions of the trade industry

A

Wholesalers & Retailers

29
Q

A resource that cannot be replaced

A

Non-reusable Resource

30
Q

An economic and political system in which a country’s trade and industry are controlled by private owners for profit, rather than by the state.

A

Capitalism

31
Q

Any natural resource (as wood or solar energy) that can be replenished naturally with the passage of time

A

Renewable Resource

32
Q

The process of creating the goods and services we use to satisfy our needs and wants.

A

Production

33
Q

Things that everyone must have to survive
Food
Clothing
Shelter

A

Needs

34
Q

Things that can be used to produce goods and services.

A

Resources

35
Q

Things that you can see, touch, buy and sell.

A

Goods