Section 1
Section 1
Section 1
Section 2
Section 2
100
When a country does not trade with another because it can produce its goods and services using its natural resources
What is Self-sufficiency?
100
A transaction in which no physical goods are transferred from the seller to the buyer
What is Service?
100
When a nation or individual concentrates its productive efforts on producing a limited variety of goods
What is Specialization?
100
Describes the inputs that are used in the goods or services in order to make a profit
What is Factor of production?
100
Materials that satisfy human wants and provide utility
What are Goods?
200
A balance achieved between two desirable but incompatible features; a compromise
What is Trade-off?
200
A business or organization, regarded as a significant asset in terms of skills and abilities.
What are Human Resource?
200
The measurement of "usefulness" that a consumer obtains from any good
What is Utility?
200
A consequence of specialization or the division of labor
What is Interdependence?
200
An economic system in which the state or government makes economic decisions rather than the these being made by the interaction between consumers and businesses
What is a Centrally planned economy?
300
What is Circular flow?
300
A system where the government, rather than the free market, determines what goods should be produced, how much should be produced and the price at which the goods are offered for sale
What is Command economy?
300
A marketplace for the services of a factor of production
What is Factor market?
300
The process of transforming private assets into public assets by bringing them under the public ownership of a national government or state
What does it mean to Nationalize?
300
Transfer from public ownership to private ownership and control.
What does it mean to Privatize?
400
The marketplace in which final goods or services are offered for purchase by businesses and the public sector
What is Product Market?
400
A political and economic theory of social organization which advocates that the means of production, distribution, and exchange should be owned or regulated by the community as a whole
What is Socialism?
400
The original economic system in which traditions, customs, and beliefs help shape the goods and the services the economy produces, as well as the rules and manner of their distribution.
What is Traditional economy?
400
The act of buyers and sellers freely and willingly engaging in market transactions
What is Voluntary exchange?
400
To do well within a country without intervention from a government or economic authority.
What is Freedom?
500
The concept or idea of fairness in economics
What is Equity?
500
Having stable income or other resources to support a standard of living now and in the foreseeable future
What is Security?
500
Something that refers to an absence of excessive fluctuations in the macroeconomy
What is Stability?