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Understand Economics

2.01 Economics & Econ Systems Vocab 17

TermDefinition
Economics Making choices and satisfying the wants and needs of consumer. Economics studies how individuals and societies seek to satisfy needs and wants through incentives, choices, and allocation of scarce resources.
Scarcity The condition that exists when wants exceed resources available to satisfy wants.
Capital Resources Goods produced and used to make other goods and services.
Natural Resources “Gifts of nature” that are present without human intervention (ex. land)
Human Resources The knowledge,efforts, and skills people bring to their work, also known as labor.
Entrepreneurial Resources The initiative to improve goods and services or create new ones.
Command economy Economic system that is run by a central government or authority
Market economy Characterized by private ownership of the means of production (for example, farms and factories), and supply and demand are responsible for the price and allocation decisions. Individuals decide what, how and for whom goods and services are produced.
Socialist economy Characterized by more government ownership and central planning. Government, which relies on tax revenues, is far less likely than private businesses to heed price signals or to feel the discipline imposed by market forces.
Mixed Economy A combination of a command and market economy.
Traditional Economy The type of economy where people believe in doing things the same as they have always been done in the past.
Price The amount at which a good or service will be sold at in a market
Needs Things you must have in order to survive
Supply How much of a good or service a producer is willing and able to produce at different prices.
Demand An individual’s need or desire for a good or service at a given price.
Wants Things you think you must have in order to be satisfied or happy.
Consumer One who uses goods or services.
Customer One who buys goods or services
Goods A physical, tangible item that satisfies some human want or need. It can be weighed or measured.
Services Tasks that businesses or others perform for us.
Profit Motive The desire to make a profit (money).
Market Includes the customers and locations that a business wants to serve.
Competition A contest for some prize, honor, or advantage.
Profit Money that remains after a business has paid for the expenses of running the business. Income > Expenses
Law of Demand As prices fall for a particular good or service, the demand for that item will increase and vice-versa.
Law of Supply As the price of a particular good or service increases, the supply for that item will also be increased and vice-versa.
Created by: scdroten
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