Economics 1
a marketplace where securities, commodities, derivatives, and other financial instruments are traded.
what is exchange
a method of production whereby an entity focuses on the production of a limited scope of goods to gain a greater degree of efficiency.
what is specialization
The economic resources needed to produce goods and services.
what is factor of production
is anything that helps us produce things faster, better, or cheaper.
what is technology
are items that satisfy human wants and provide utility, for example, to a consumer making a purchase of a satisfying product.
what is good
The alternative that you give up when you make an economic choice
what is rade-off
people who make up the workforce of an organization, business sector, industry, or economy.
what is human resource
the benefit or satisfaction gained from the use of a good or service.
what is utility
is a system by which many companies are economically dependent upon each other.
what is interdependence
the importance, worth, or usefulness of something.
what is value
an economic system that is based on private ownership
of the factors of production.
what is capitalism
A system in which the society’s leaders, usually members of the central government, make all economic decisions.
what is centrally planned
is the large set of inter-related production and consumption activities that aid in determining how scarce resources are allocated.
what is economy
demonstrates how money moves through society.
what is circular flow model
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
is a condition where different economic firms seek to obtain a share of a limited good by varying the elements of the marketing mix: price, product, promotion and place.
what is competition
a market in which companies buy the factors of production or the resources they need to produce their goods and services.
what is factor market
exchange of goods and services between different countries, and it has also helped countries to specialise in products which they have a comparative advantage in.
what is global economy
a key part of free market capitalism
what is laissez faire
any place or situation in which people buy and sell resources and goods and services.
what is market
based on individual choice, not government directives.
what is market economy
an economic system that has elements of traditional, command, and market economies
what is mixed economy
means to change from private ownership to government or public ownership.
what is nationalize
the rights of individuals and groups to own property.
what is private property rights
means to change from government or public ownership to private ownership.
what is privatize