idk she gave it to us the day before

Question 1

economics

Answer 1

the study of how people satisfy their needs and wants with their limited force

Question 2

needs

Answer 2

a basic requirment needed for survival ex: food, water, clothing, shelter

Question 3

wants

Answer 3

a way of expressing a want ex: electronic devices, luxury car, video games

Question 4

goods

Answer 4

tangible item of value, items you’re able to touch ex: computer desk, watch

Question 5

services

Answer 5

intangible item of value, unable to touch

Question 6

scarcity

Answer 6

• when society doesn’t have enough resources to produce all things people would like to have
• caused by a shortage of resources
• these resources are called factors of production

Question 7

the 4 factors of production

Answer 7

Land - natural resources such as desserts, fertile fields, land fixed or limited supply
Labor - the work force, very in size over time
Capital - tools equipment and factories used in production or goods and services
Entreneuership - innovators responsible for starting a new business or bring new products to market

Question 8

opportunity costs

Answer 8

the value or consequences of making one choice over another

Question 9

trade off

Answer 9

the next best alternative, the other choice

Question 10

economic systems

Answer 10

Traditional - decision abt resources are made by habit, custom or religious tradition
command - central planners (the government) make the important decisions abt what how or for whom to produce
market - key economical decision are made are made by businesses (The people)

Question 11

economic efficienct

Answer 11

when all goods and factors of production in an economy are distributed or allocated to their most valuable uses and waste is eliminated or minimized

Question 12

economic equity

Answer 12

refers to what is fair not what is the same for everyone

Question 13

economic freedom

Answer 13

freedom of consumers to choose how to spend or save their money to change jobs start a new business

Question 14

economic growth

Answer 14

when a country increases the production of goods and services overtime

Question 15

economic security

Answer 15

when the goverment decides to protect individuals from risks in society ex jobless loss of home

Question 16

economic stability

Answer 16

when prices are stable and unemployment is low; inflation

Question 17

house hold

Answer 17

a group of people who live together and share money

Question 18

gross domestic product (GDP)

Answer 18

measures the total market value of all final goods and services produced in an economy in a given year
- the nation’s income

Question 19

gross national product (GNP)

Answer 19

• the value of all products and services produced by the citizens of a country both domestically
• internationally minus income earned by foreign residents.

Question 20

consumption

Answer 20

the practice by which house holds buy good and services that businesses produce

Question 21

traditional advantage

Answer 21

• provide economic security
• not worrying about losing your job

Question 22

command advantages

Answer 22

• provides economic security
• provided by the government

Question 23

market advantages

Answer 23

• economic freedom
• rapid economic growth

Question 24

traditional disadvantages

Answer 24

• freedoms would be limited
• living standards remain low

Question 25

command disadvantages

Answer 25

• cant run their own business
• shortage of goods

Question 26

market disadvantages

Answer 26

• no equity
• lack of jobs

Question 27

3 sections of our economy that are interdependent on each other

Answer 27

government, household, business

Question 28

formula calculations the GDP

Answer 28

C+l+G(x-m)

Question 29

what does an increase negative net exports indicate for our economy

Answer 29

we are importing more than we are exporting

Question 30

what is net exports

Answer 30

the value of a country’s total exports minus the value of its total imports

Question 31

what component is the GDP most dependent on?

Answer 31

consumption is the most important