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Economics EQT Study
N/A
32
Economics
12th Grade
12/16/2013

Additional Economics Flashcards

 


 

Cards

Term
What is the fundamental problem of economics?
Definition
Scarcity
Term
List three examples of need.
Definition
Food, clothing, and shelter
Term
What is the name given to an alternative choice?
Definition
Oppurtunity cost
Term
What term describes the study of how people try to satisfy unlimited wants with limited resources?
Definition
Economics
Term
What term describes a risk taker in search of profits?
Definition
Entrepreneur
Term
What are the three basic economic question?
Definition

What to produce?

How to produce?

For whom to produce?

 

Term
What term describes the condition that results from society not having enough resources to produce all the things that people would like to have?
Definition
Scarcity
Term
Society must choose based on its population andother available markets. Which of the three basic questions does this answer?
Definition
For whom should we produce?
Term
What are people called who use goods and services to satisfy wants and needs?
Definition

Consumers

 

Term
Following a major hurricane, items such as ice, gasoline, and electricity are all examples of what concept?
Definition
Scarcity
Term
What happens when productivity goes up?
Definition
More output is produced with the same about of input
Term

What term is described as the struggle among sellers to attract consumers while lowering prices?

 

Definition
Competition
Term
Give examples of land as a factor of production.
Definition
Water, animals, and trees.
Term
Give examples of capital as a factor of production.
Definition
Factories, tools, and machinery
Term
What are the four factors of production?
Definition
Land, labor, capital, entrepreneurs
Term
What are examples of a service?
Definition
A haircut, legal services
Term
What are examples of a good?
Definition
A car, a book
Term
What term describes the tools, equipment, machinery, and factories used in the production of goods and services?
Definition
Capital
Term
What term describes people and all their efforts, abilities, and skills?
Definition
Labor
Term
Innovative risk takers such as Bill Gates, Sam Walton, and Oprah Winfrey are examples of which factor of production?
Definition
Entrepreneur
Term
What economic question is answer if you decide to build low-income housing instead of high-income housing?
Definition
What to produce?
Term
What is scarcity?
Definition
There is not enough of it to satisfy people's wants.
Term
What te describes the dollar value of all final goods and services produced in a country in a twelve-month period?
Definition
Gross Domestic Product
Term
Society must choose based in its needs. Which of the three basic questions does this describe?
Definition
What to produce?
Term
Society must choose based on its resources. Which of the three basic questions does this describe?
Definition
How should we produce it?
Term
What economic concept is described when one purchases a pair of jeans instead of a CD?
Definition
Opportunity cost
Term
What philosophy states that government should not interfere with business?
Definition
Laissez-faire.
Term
Who said that competition acts as an "invisible hand" that guides resources to their most productive uses?
Definition
Adam Smith
Term
What is an organized way to provide for the wants and needs of the people?
Definition
An economic system
Term
What country is an example of a market economy?
Definition
The United States
Term
Which group of people ultimately determines the products that a free enterprise economy produces?
Definition
Consumers
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