social 12 (econ)- chapter 1 Flashcards

1
Q

economics

A

the study of the choices that people make to satisfy their needs and wants

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2
Q

economist

A

a person who studies economic choices

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3
Q

microeconomics

A

the study of the choices made by economic actors such as households, companies, and individual markets

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4
Q

macroeconomics

A

examines the behavior of entire economics ex: unemployment in the US, GDP

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5
Q

consumers- the people who decide to buy things

producers- the people who make the things that satisfy consumers’ needs and wants

A

two groups of economic decision makers

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6
Q

goods

A

physical objects that can be purchased

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7
Q

services

A

actions or activities that are performed for a fee

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8
Q

resource

A

anything that people use to make or obtain what they need/want

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9
Q

natural resources

A

items provided by nature that can be used to produce goods and to provide services

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10
Q

human resources

A

any human effort exerted during production

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11
Q

capital resources

A

the manufactured materials used to create products

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12
Q

entrepreneurship

A

the combination of organizational abilities and risk taking involved in starting a new business or introducing a new product

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13
Q

scarcity

A

the combination of limited economic resources and unlimited wants

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14
Q

forces people to make to make decisions about how to use resources effectively

A

basic problem of economics

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15
Q

allocate

A

to distribute

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16
Q
  • what to produce
  • how to produce
  • for whom to produce
A

three basic economic questions that must be addressed

17
Q

productivity

A

the level of output that results from a given level of input

18
Q

efficiency

A

the use of the smallest amount of resources to produce the greatest amount of output

19
Q

division of labor

A

assigning a small number of tasks to each worker

20
Q

specialization

A

focus on one activity

21
Q

trade off

A

one good is sacrificed for another

22
Q

opportunity cost

A

the cost of the tradeoff- the value of the next best alternative that is given up to obtain the preferred item

23
Q

exchange

A

producers and consumers agree to provide one type of item in return for another

24
Q

barter

A

direct trade; people exchange one set of goods for another

25
money
an item that is readily accepted by people in return for goods and services
26
1. a standardized item that is generally traded for goods or services 2. a measure of value that allows both producers and consumers to determine and express worth 3. a store of value that can be saved and used to purchase items at a later date
three functions of money
27
credit
allows consumers to use items before completing payment for the merchandise.
28
value
can be expressed as an amount of money or price
29
utility
the usefulness to a person
30
self-sufficiency
the ability to fulfill all of one's needs without assistance
31
interdependence
events or developments in one region of the world or sector of the economy influence events or developments in other regions or sectors.