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1 even Holsapple, Tristan civics > Unit 6/7 Economics Even > Flashcards

Unit 6/7 Economics Even Flashcards

1
Q

what is economics

A

The study of how people use limited resources to make choices in the market place.

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2
Q

what is scarcity?

A

the lack of resources of goods and services.

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3
Q

what is choice?

A

selecting an item or action from a set of alternatives

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4
Q

what is the marketplace?

A

the places where goods and services are bought and sold

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5
Q

what is opportunity cost?

A

what is given up when a choice is made.

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6
Q

what are natural resources?

A

items found in nature

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7
Q

what are human resources?

A

individuals that provide labor

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8
Q

what are capital resources?

A

things owned by businesses

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9
Q

what is entrepreneurship?

A

people who start a business

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10
Q

what is production?

A

the process of creating goods and services.

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11
Q

what is consumption

A

when consumers purchase and use the good and service

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12
Q

in a traditional economy what are decisions based on?

A

customs and Traditions

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13
Q

in a free market economy who is making decisions?

A

Business owners and individuals (consumers)

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14
Q

in a free market who owns the recorses

A

private business

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15
Q

in a free market business decisions are based on what

A

profit(money)

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16
Q

in a free market what does competition do for consumers

A

reduce prices and better products

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17
Q

in a free market what is consumer sovereignty

A

consumer choice determines what is produced

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18
Q

in a command economy who makes all the economic decisions

A

government

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19
Q

in a mixed economy what are the two sectors involved in decision making

A

private (business &
consumers) public(government)

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20
Q

what is private property

A

business and individuals can own their own land and building

21
Q

what is suppply

A

Amount of goods/services that businesses and willing and able to sell it

22
Q

what is demand

A

amount of a good /service the consumers are willing to buy

23
Q

what is equilibrium price

A

the price where supply and demand meet

24
Q

what is a proprietorship

A

a business with one owner who takes all the risk and keeps all the profit

25
Q

what is a partnership

A

business with 2 or more owners who take all the risk and share all the profit

26
Q

what is a corporation

A

its a business that acts like a legal person owners share the profit but take less risk

27
Q

what is circular flow

A

produces flow in one direction and money flows in the opposite direction forming s circle

28
Q

in circular flow what is a household

A

consumer

29
Q

in circular flow what recourse do households have

A

money, labor, and land

30
Q

in circular flow what do business use resources for

A

make more goods and services

31
Q

in circular flow how does government get money to provide public goods and services

A

taxes

32
Q

in our economy who issues money

A

the government

33
Q

where do consumers and business get money(finial term)to spend or expand and grow business

A

banks(private financial institutions)

34
Q

what are the 4 ways government gets money for public goods

A

taxes fines fee borrow money

35
Q

what type of tax does the federal govt get most of its money from

A

federal income Tax

36
Q

what type of taxes do state govt get there money from

A

sales tax and state income tax

37
Q

what does the consumer safety product commission (CSPC) do?

A

test and make sure products are safe to buy

38
Q

what does the food and drug administration (FDA) do?

A

make sure food and drugs are safe

39
Q

What government agency defines safety procedures for the workplace

A

occupational safety and health administration (OSHA)

40
Q

What government agency protects hiring practices from discrimination

A

equal opportunity employment commission (EOEC)

41
Q

what government agency protects the environment?

A

environment protection agency (EPA)

42
Q

What is a monopoly

A

one business controls the products and distribution of one product

43
Q

what is antitrust legislation

A

are laws that discourage monopolies

44
Q

why is international trade beneficial to the US Economy?

A

1.increase wealth
2.obtain goods
3.lower our costs
4.sell to other countries
5.create jobs

45
Q

what is the benefit of advances in technology to the economy?

A

lower the cost of production

46
Q

what does the federal communications commission do

A

Regulate tv radio etc communications

47
Q

what does the security exchange commission do

A

protect investor

48
Q

what does the federal trade commission do?

A

protect consumers from false advertising

49
Q
A

1 even Holsapple, Tristan civics (4 decks)

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