The study of how individuals and countries make choices about how to use scarce resources to fulfill their needs and wants:
What is Economics
100
Are tangible items
What are Goods
100
Are the people that use goods and services
Who are Consumers
100
Factors of production or resources are broken into four main categories , they are:
What is land, labor, capital, and entrepreneurship
100
An economic system based on the customs and traditions. Usually founded on religious ideas and beliefs.
India
Chad
Haiti
Rwanda
What is a Traditional Economy
200
Are everything other than needs:
What are Wants
200
Goods used to produce another good: Ex: bulldozer, transmission, cloth
What is a Capital Good...... Capital is NOT MONEY!!
200
Intangible items or work that is performed by someone for someone ex: Haircut, Teaching
What is a Service/Services
200
Anyone who works. All the efforts, abilities,a nd skills of workers. Labor quality and quantity will and do change over time due to war, disease, immigration and/or education/training
What is Labor
200
An economic system that has features of both market and command economies
In China, they allow some private ownership. However, the government keeps a tight control over the prices and
What is a Mixed economy
300
The basic requirements to survive:
What are Needs
300
A good that lasts more than 3 years when used regularly
Ex: Car, Dishwasher, TV
What is a Durable Good
300
Where individuals earn their incomes by “selling” the factors of production – land, labor, capital, entrepreneurship, technology
What is a Factor Market
300
The land, natural resources, mineral deposits, and location:
What is Land
300
An economic system in which the government owns and operates the factors of production. Individuals have little say in or influence over the economy. China, North Korea, Cuba, Laos
What is a Command Economy
400
Occurs from limited resources and people’s unlimited wants
What is Scarcity
400
A good intended for final use
Ex: Car, TV, Prom dress
What is Consumer Good
400
Markets where producers offer goods and services for sale
What is a Product Market
400
The tools, equipment, factories and other products used in the production of goods and services.
What is Capital...... Capital IS NOT MONEY!!!!
400
An economic system in which individuals own and operate the factors of production. There is little (if any) government intervention in the economy. Singapore, Great Britain, Japan, USA
What is a Market Economy
500
All the items needed so people can make or obtain what they need and want
What are Resources
500
A good that lasts less than 3 years when used regularly
Ex: Food, Paper
What is Non-durable good
500
These are the basic economic question all nations must answer:
What is - What to produce?
How and how much to produce?
For whom to produce?
500
The ability and willingness of individuals to take risks and start new businesses, introduce new ideas, improve products, and better managements = all for a profit
What is Entrepreneurship
500
These are the basic economic question all nations must answer
What is -What to produce?
How and how much to produce?
For whom to produce?