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Economics Unit 1

TermDefinition
Economics The study of people and choices.
Microeconomics The study of economics on a small scale.
Macroeconomics The study of economics on a large scale.
Scarcity Main economic problem in the world; When needs outweigh resources.
Choice Any Decision between two or more alternatives.
Opportunity Cost Next best alternative between two alternatives. Benefit lost in making a choice between two competing alternatives.
Trade-offs Anything you give up in an opportunity cost situation.
Factors of production Land, Labor, Capital, and Entrepreneurship.
Marginal Thinking Cost benefit analysis. Requires decision makers to evaluate whether the benefit of one more unit of something is greater than its cost.
Production Anytime something is created.
Possibilities Curve (frontier) Graph used to show Opportunity Cost (PPF shows constant opportunity cost, PPC shows Varying Opportunity Cost)
Economic Systems Mixed, Free Market, Command, Traditional.
3 Basic economic questions What to produce, How will it be produced, and who gets it?
Market economy Supply and Demand drive this economy. Individuals answer the 3 economic questions.
Public goods and services Commodity or service that is made available to all members of society. I.E Law Enforcement.
Circular flow diagram Model that shows the flow of money through the economy.
Product Market Market that has to do with what is being produced.
Factor market Market that has to do with how things are being produced.
Households Sellers in the market for resources.
Firms Any company that seeks to make a profit by selling products or services.
What is scarcity? When needs outweigh the resources.
What trade-offs appear on a production possibilities frontier? Fixed Opportunity Cost (giving up the same amount of good X to receive more of good Y)
What are the similarities and differences of a command, market, and mixed economic system? Each has some level of Government involvement, while only a market and mixed gives the individual power to make decisions.
How does each economic system answer the three basic economic questions of what to produce, how to produce, and for whom to produce? Traditional; habits and customs. Free market; individuals. Command; Government.
What is the role of government in a market economy? Regulate Commerce and keep the economy flowing.
How do goods and services flow in a market economy? Households by products from the firms, firms use the money to create more products, that households than by again. Repeat cycle
What is the role of money in a market economy? money is used as a store of value, unit of account, and medium of exchange.
Created by: heatherrb
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