This class was created by Brainscape user Megan Kua. Visit their profile to learn more about the creator.
By:
Megan Kua
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Decks in this class (16)
1 Meaning of Economics
How society allocates resources t...,
Household management in greek 2,
Freedom to own properties have an...
21
cards
2 Beyond the Issue of Scarcity
Raw materials in manufacturing 1,
Land forest water energy minerals 2,
2 types of land used for resident...
40
cards
3 Human Needs and Wants
Necessity for survival 1,
Driving force behind motivation 2,
You would be sick or die without ...
32
cards
4 Allocation
Efficient allotment and division ...,
Process of identifying how scarce...,
No central control decisions base...
32
cards
5 Consumption
Use of goods and services by cons...,
Completely free 2,
Goods that you must pay for 3
44
cards
6 Production
Process of combining the factors ...,
Factors of production are also kn...,
Factors of production 3
61
cards
7 Demand
Individual behavior 1,
Market is the central idea 2,
The relationship between buyers a...
43
cards
8 Supply
Quantity of goods and services th...,
Desire and producing power 2,
Nothing else changes everything e...
27
cards
9 Market Equilibrium
Price that balances qd and qs 1,
Number of qd and qs at equilibriu...,
Consumers can buy what they want ...
23
cards
10 Market Structures
Audience that you intend to buy y...,
Bridge the gap between the produc...,
Location where consumers purchase...
30
cards
11 Circular Flow of Economics
Shows relationship between income...,
Transactions exchange among diffe...,
Spending by households for goods ...
19
cards
12 National Income and Output
Market value price of all final g...,
Gross domestic product 2,
Normally expressed in currency of...
24
cards
13 Inflation
Gdp grows month over month unempl...,
Real gdp is at its highest 2,
Gdp growth slows declines 3
30
cards
14 Unemployment
Person having a paid job 1,
Person searching for a job but ca...,
Job doesn t use worker s skills o...
18
cards
15 Monetary Policy
Management of interest rates and ...,
Government policy 2,
Stabilize overall level of output...
43
cards
16 Fiscal Policy
Means by which gov t adjusts spen...,
Enforced contributions levied by ...,
National gov t local gov ts gov t...
24
cards
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9 Economics
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