To forgo something when making a decision, in order to gain something else.
What is opportunity cost?
100
The study of human activity involved in using scarce resources to satisfy wants.
What is Economics?
100
Ecomonic Systems
What decides the what, how and for whom questions for a particular society?
100
93% OR 94% is what is really meant by this economic goal.
What is full employment?
100
What, How and For Whom
What are the three economic questions?
200
Scarcity
What happens when human wants exceed the resources available to them?
200
Prada Purse, Hoodie, DKNY Jeans, Toronto Maple Leaf Jersey, a Condo buy the water, a Ferrari, and what the heck...Brad Pitt wrapped in a bow.
What are pyschological wants?
200
The former Soviet Union is an example of this type of economic system.
What is a command economy?
200
This goal is controversial because sellers win and buyers lose as a result of inflation.
What is the goal of reasonable stability of prices?
200
This economic model allows state ownership on the majority of goods and services,
What is a command economy?
300
Also called NEEDS!
What are physical wants?
300
Clothing, Shelter, Food, and Water.
What are physical wants?
300
A major advantage of this economic model is the ability to produce a great variety of consumer goods efficiently and in sufficient quantities to meet the demand for them.
What is a market economic model?
300
This economic goal is difficult to achieve because equitable means different things to different people.
What is the goal of Economic Justice?
300
The economic model that allows consumers to answer the three economic questions with their "dollar votes."
What is a market economy?
400
Non-human processed resources used to produce goods and services.
What are capital resources?
400
Concrete visible things that satisfy human wants and that last a period of time
What are goods?
400
Canada is an example of this type of Economic model.
What is a Modified or Mixed Market Economy?
400
This goal means the use of economic resources to produce goods and services at a minimum cost.
What is economic efficiency?
400
CIE3M1
What is the course code?
500
Land and all unprocessed non-human resources used to produce goods and services.
What are natural resources?
500
Invisible things that cannot be touched or seen and are delivered by a person or group of people.
What are services?
500
Tradition and customs are heavily considered when answering the three questions in this type of economic model.
What is a traditional economic model?
500
This means that development meets the needs of the present without compromising the ability of future generations to meet their needs.