Economics
General well-being of individuals & societies / outlining positives & negatives of life is
Quality of Life
Having a product no one wants, but a producer has lots of shows what?
High Supply, Low Demand
Something that you can buy is referred to as a...
Good
_______ is what the government issues as legal tender.
Money
at its root what is money?
a representation of Value
What're the 4 types of Economic Systems?
Traditional, Planned, Mixed, and Free Market
Having a product everyone wants to buy, but only having a limited supply shows what?
Low Supply, High Demand
Something you pay someone else to do is a...
Service
True or flase In our free market, the government does not need to be involved in any way at all.
FALSE
What is it called when you refer to the usefulness of adding one more item to the production of goods and services?
production cost
Describes the relationship between infinite needs and wants vs finite amounts of resources
Scarcity
The person responsible for developing the theories behind capitalism is
Adam Smith
In a planned economy, what type of corporations are more likely to be found?
Crown or Publicly Owned Corporations
The person taking the risk to start a business, the “idea person” is
the Entreprenuer
According to lecture and your textbook, what is the principal reason people enter into business?
profit
In economics, rivalry among producers to sell products to consumers is known as
Competition
Give 3 weaknesses of a planned economy:
Lack of innovation, lack of choice and personal freedom, and lack of hard work/motivation/incentives
What are the 3 Questions that an economy must answer?
What is being made? Who is it made for? How is it being made?
What is it called when one thing is given up for another
Trade off
How a family chooses to spend its money is an example of
Micro Economics
Resources and processes involving the development, distribution and consumption of goods and services.
Economics
Give 3 weakness of a true Free Market
Lack of control/planning, lack of protection for the consumer and the environment, potentially harmful products being produced, ignores the poor or disaffected
Regulations that protect the consumer and the environment, access to social programs for those who need it, while allowing room for competition describe which economic system?
Mixed Market
What does Laissez-Faire mean
Let them do
What is economics?
The study of scarcity and choice