Social Quiz Tuesday November 5 Flashcards
Scarcity:
Limited resources with un limited needs and wants
Economy:
The resources and process involved in the production, distribution and consumption of goods and services
The factors of production:
Factors that interact together to limit supply: Land , Labour and Capital
Land:
All materials in the natural environment used to produce goods and services
Labour:
The mental and physical efforts used to produce and distribute goods and services
Capital:
The money , tools and machines or buildings used to produce something
Economics:
How countries solve the problem of scarcity
The basic economic questions:
The questions we solve in order to find a solution to scarcity;What goods and services will be produced? How will goods and services be produced? Who will receive the goods and services?
Economic systems:
Systems that governments create in response to the 3 economic questions. The way society organizes the production, distribution and consumption of goods and services.
The Economic spectrum:
A continuum for economics that fits all economic systems. On the extreme left; complete government control , on the extreme right ; no government control
Planned:
An economic system where the government makes all the decisions about how to solve scarcity
Mixed:
An economic system where private ownership and government control is combined in order to solve the problem of scarcity
Market:
An economic system where the choices of individuals and private ownership solve the problem of scarcity
Privately owned:
The part of the economy owned and controlled by business and individuals
Public good:
What is best for society as a whole
Publicly owned:
The part of the economy owned and controlled by government and paid for by taxes
