Economics Test Review Flashcards
Goods bought and used by consumers
Consumer goods
When we do not have enough resources to produce all of the things we would like to have
Scarcity
Those which do not require monetary payment
Non-economic want
Goods that are used in producing other goods
Capital Goods
Things that are inputs to production of goods and services
Economic Resources
A business responsible for all things worker related
Human Resources
A behaviour of individuals in society
Ethics
A process that, based on inputs, lead to the manufacture good
Economic Activity
Satisfaction levels consumers receive from buying and using the product
Economic Utility
The value given to a product by virtue
Form Utility
Making goods or services available in locations for early access products and services
Place Utility
Provides goods or services when they demand or need them
Time Utility
The value given to a product by virtue of the fact that the buyer has the legal right to own and use it freely
Possession Utility
A demand in which changes in price have large effects on the amount demanded
Elastic Demand
A demand in which changes in price have no effects on the amount demanded
Inelastic Demand
The combination of economic variables
Economic Equilibrium
The study of the economic behavior and decision making of small units, such as individuals, families, and businesses
Microeconomics
The duty of a business to contribute to the well-being of a community
Social Responsibility
Economic principle which states that the supply of a good or service will increase when demand is great and decrease when demand is low
Law of Supply and Demand
Quality of life based on ownership of necessities and luxuries that make life easier.
Standard of living
Things used to produce goods and services, like buildings, materials, and equipment
Capital Resources
The study of the economy as a whole, including topics such as inflation, unemployment, and economic growth
Macroeconomics
Whatever is given up when we make an economic decision.
Opportunity Cost
This is the alternative we give up when we choose to do one thing rather than another.
Trade Off
Tasks/work that people do for others for payment/money.
Services
Things people desire
Wants
The price of one good in comparison with the price of other goods
Relative price
The two main divisions of the trade industry
Wholesalers & Retailers
A resource that cannot be replaced
Non-reusable Resource
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.
Capitalism
Any natural resource (as wood or solar energy) that can be replenished naturally with the passage of time
Renewable Resource
The process of creating the goods and services we use to satisfy our needs and wants.
Production
Things that everyone must have to survive
Food
Clothing
Shelter
Needs
Things that can be used to produce goods and services.
Resources
Things that you can see, touch, buy and sell.
Goods
