Economics
What is the definitioon of Economics
The study of how people use resources to produce, distribute, and consume goods and services.
What questions do economic systems answer?
How a society answers the three basic questions: What to produce? How to produce it? Who will consume it?
- who
- how
- what
does money ever stay still in the economy
no, it is alwasyy moving
What is Economic growth
The increase in income and quality of life of a country over time.
What is a shortage
not having enough of a product or service
What are the three Factors of production?
- Natural Resources
- Human Resources
- Capital Resources
What are the three types of economies
- Command
- Market
- Mixed
WHat do household sell to companies
Labor and time
What is GDP
Gross Domestic Product
How Rich a country is
What is a surplus
Having too much of a product aor service
What is an exampe of a natural resource
Trees, Solar, Oil, coal, and many more
Who runs a command economy
Government
what do buisnesses sell to households
goods and services
What is HDI
Human Development Index
Easures education, healthcare, and safety
What is scarcity
The problem of having limited resources to satisfy unlimited wants and needs
What is an example of a human resource
Human population , Skills, Education
Who runs a market economy
The people or makret or buisness
what is income (where does it come from)
What households get paid from buisnesses for work and time
What is income per person
How much each household or person makes in a contry
Do librals support the government or the market
Government
What is an example of a capital resource?
Factories, Cash, buildings, atm, anything you need to runa business
how does the market and the people work together in a mixed economy
Mixed economy:
Gov: roads, hospitals, police, schools
People: Buisnesses, restaurant
what is economic flow
the movement of goods, services, and income in a market or economy
How is ecanomic growth measured (list 3)
With GDP, HDI, and income per person
DO conservitives support the makret or the government
The market