Science of Economics
An expert who studies economics for a living
Economist
The knowledge, skills, and efforts individuals need to produce goods and services within their economy
Human Resources
A financial gain from a business transaction
Profit
Is when the factors of production are owned by individuals
Capitalism
Has to do with efforts to make the best use of economic scarce resources
Producing the maximum amount of goods and services in order to avoid inefficiency, scarcity, etc...
Efficiency
The total satisfaction or benefit derived from consuming a good or service
Utility
Water, fossil fuels, plants, etc.. are all examples of
Natural Resources
The basic economic problem
Scarcity
Is when the factors of production are collectively owned by the public
Socialism
Deals with questions of fairness and of right and wrong
Equity
How resources are distributed and produced
Allocate
Man-made assets/resources to create goods and services
Capital Resources
Difference between a consumer and a producer
Consumer: a person who buys a good/service
Producer: a person who sells a good/service
The only type of economy that exists in reality and is NOT considered a model
Mixed Economy
When consumers are free to decide how to spend their incomes on goods and services
Freedom
The study of people’s choices and how they satisfy their unlimited wants and needs
Economics
Combination of vision, mission, skill development, and risk taking
Entrepreneurship
A french phrase meaning (leave things alone)
Laissez-Faire
An economic system where a government body makes economic decisions regarding the production and distribution of goods
Centrally Planned Economy
The nation’s efforts to protect its members from poverty, business failures, medical emergencies, and other situations harming the nation as a whole
Security
The value of the next-best alternative
Opportunity Cost
A person who's willing to take risks (The Risk-Taker in the Economic World)
Entrepreneur
Is a rival between two companies in order to gain consumer attention
Competition
Name the four market economy systems:-
Command Economy - Traditional Economy - Global Economy - Market Economy
What is the difference between Economic Stability & Economic Growth
Stability: involves two concerns; achieving full employment - achieving stable prices
Growth: efforts to increase the amount of goods and services produced by each worker in the economy.