Some definitions from chapter 1 to chapter 4
Help!
|
|
||||
|---|---|---|---|---|---|
| This is economic resources used in the production of goods and is often divided into 4 categories | Factors of Production
🗑
|
||||
| What are the 4 categories of the factors of production? | Natural Resources, Labor, Capital, and Entrepreneurship
🗑
|
||||
| This type of economy emphasizes the role that information plays as people try to combine the factors of production in the best ways possible. | Cyber Economy
🗑
|
||||
| This type of economy is a system in which decisions involving the production of goods are based upon custom, heredity, and caste | Traditional economy
🗑
|
||||
| This type of economy is a system in which a centralized authority determines the production and distribution of goods and services as well as things like savings, investments and prices. | Command/ planned/ directed Economy
🗑
|
||||
| What is another name for a Command Economy? | Directed Economy
🗑
|
||||
| What is another name for a Planned Economy | Directed Economy
🗑
|
||||
| This economy is a system in which people are free to make their own economic choices. Private individuals and bussines people are allowed to own property and make choices without the government | Free enterprise Econonomy,
🗑
|
||||
| This economy is a system that combines a good measure of free enterprise in some areas with heavy state regulations in others | Mixed Economy
🗑
|
||||
| This is the first factor of production. Its land and other raw materials | Natural Resources
🗑
|
||||
| This refers to any work, whether physical or mental, that contributes to the production of goods and services | Labor
🗑
|
||||
| This type of economy is a system that provides barely enough to keep a society alive | Subsistence Economy
🗑
|
||||
| This type of system in which the majority of a nations capital is owned and controlled by private individuals and businesses | Private Capitalism
🗑
|
||||
| This system is when the owner of much of the nations capital is a powerful, centralized apparatus called collectivist state | State Capitalism
🗑
|
||||
| This is anyone who owns producer goods or owns a share of a business that produces goods | Capitalist
🗑
|
||||
| This is the intelligent direction and supervision of natural and human resources, also known as managment | entrepreneurship
🗑
|
||||
| This is a person who undertakes management of economic enterprises on a bold scale, with some danger of losing his investment of money and time. Refers to a person in effective control of starting or running a business or industrial undertaking | Entrepreneur
🗑
|
||||
| This person is known as the captain of industry. Made gunpowder better for war of 1812 | Eleuthere Irenee du Pont
🗑
|
||||
| This type of property includes land, buildings | Real property
🗑
|
||||
| Includes property such as cash, savings account and other investments | financial property
🗑
|
||||
| This results from creative labor, rights of a song, or a patent for a invention | intellectual
🗑
|
||||
| This illustrates how resources and products move through the market | Circular flow model
🗑
|
||||
| This is in which the factors of production are sold | Resource market
🗑
|
||||
| This is where the consumer products are sold | Product market
🗑
|
||||
| These are scholars of the production, distribution, and consumption of goods within an economy | Economists
🗑
|
||||
| This is the study of specific components within a major economy and how to make choices made by individuals, households, business affect economy and how indivudials make decisions | Microeconomics
🗑
|
||||
| This shows the relationships among various components of an economy from the nations rate of inflation and percentage of unemployed people | Economic models
🗑
|
||||
| This is a tangible, or material thing that people want and for which they will pay such as food | want
🗑
|
||||
| This is intangible goods produced by labor for which people expect to pay | services
🗑
|
||||
| A human desire to have and use a certain good | Want
🗑
|
||||
| This is a mechanism that allows people to exchange goods, including money so that buyers and sellers can get what they want | Market
🗑
|
||||
| This is the quantity of a good for sale at a certain price under certain conditions. Amount of a good that is produced | Supply
🗑
|
||||
| Amount of a good that is bought at a certain price under certain conditions | Demand
🗑
|
||||
| These are people who use goods | Consumers
🗑
|
||||
| This is a desire, a longing, an appetite for something | want
🗑
|
||||
| This person is known as the Founder of the Austrian School of Economists. Diamond - Water Paradox | Karl Menger
🗑
|
||||
| Aim is to build up the state's treasury. Advocates the national accumulation of gold, the restriction on imports, governmental regulation and protection of industries. 16th-18th century | Mercantilism
🗑
|
||||
| This is a tax that governments apply only to imported goods | Tariffs
🗑
|
||||
| This is a rule of nature,favored natural economy as opposed to unatrual or artificial economy caused by mercantilism | Physiocrates
🗑
|
||||
| This french phrase means let things alone, that a nations economy is best left to itself and not stifled by governmental regulation. Real wealth is from the land | Laissez- faire
🗑
|
||||
| He is the Father and founder of Modern Economics wrote Wealth of Nations, Theory of Moral Sentiments, Inquiry into the Nature | Adam Smith
🗑
|
||||
| This book written by Adam Smith describes the law of economics | The wealth of nations
🗑
|
||||
| This is human activity which results in the creation of goods and services | Labor
🗑
|
||||
| This is the establishment of colonies and extensive territories created to benefit the mother countries | Imperialism
🗑
|
||||
| There are 4 categories What is the last one? | Entrepreneurship
🗑
|
||||
| Name the second part of the factors of production | Labor
🗑
|
||||
| What is the third cateegory of factor of production? | Capital
🗑
|
||||
| These are the two chief types of value.... | Value in use and value in exchange
🗑
|
||||
| this is value directly related to the benefits their owners receive through their use. | Value in use
🗑
|
||||
| Value in which a particular good is worth in exchange for some other good. | Value in exchange
🗑
|
||||
| This is the amount of money that a buyer pays the seller for a particular item | Price
🗑
|
||||
| the amount of money or goods that a good will command in a market | Market price
🗑
|
||||
| As one's supply of a specific good or service increases, the satisfaction derived from each additional unit tends to decrease. What is this? | Diminishing marginal utility
🗑
|
||||
| This is the amount of satisfaction that results from a one - unit increase of a product. | Marginal utility
🗑
|
||||
| This is the total amount of satisfaction a consumer receives from possessing a particular amount of some good. This is the total of all marginal utility | Total Utility
🗑
|
||||
| This is the relationship between a good's price and the amount that people are willing to buy | Demand
🗑
|
||||
| Other things remaining equal, as the price of a good increases, the quantity demanded decreases in a free market economy | Law of demand
🗑
|
||||
| This is when the price of a good falls and consumers tend to buy more of that good or of the other items because they can do so without giving up anything. They have expanded buying power, | Income effect
🗑
|
||||
| This law explains the inverse relationship between the price of a good and the amount that people choose to buy. | Law of demand
🗑
|
||||
| This is a principle stating that people tend to substitute less expansive goods for goods whose prices have risen. | Substitution effect
🗑
|
||||
| This is a list of numbers that compares price with quantity demanded | Demand schedule
🗑
|
||||
| This is a graphic representation of the amount of goods purchased at different prices | Demand curve
🗑
|
||||
| These are five key factors that can shift a demand curve | 1) Tastes and Preferences
2) Income
3) Population
4) Prices of related goods
5) Consumer Expectations
🗑
|
||||
| This is a good whose demand is directly related to consumer's incomes like steaks and new cars and airlines | Normal good
🗑
|
||||
| This is a good whose demand for these items falls as consumers' incomes rice and vice versa. | Inferior goods
🗑
|
||||
| This is a good capable of being used in place of another good; and can be substitutes for one another, price of one good has a direct relationship upon the demand for the other- as the price of one good rises, the demand for its substitute increases | Substitute good
🗑
|
||||
| This is a good often used in conjunction with another. The price of one affects the demand for the other. The price of one rises and the demand for the other falls | Complement good
🗑
|
||||
| This is the result of changes in any of the five factors that shift a demand curve, which cause the whole curve to shift to the left or right | Change in demand
🗑
|
||||
| This refers to the movement from one point to another on a long fixed demand curve. Influenced by price. Only a increase or decrease of price can change this, | Change in Quantity demanded
🗑
|
||||
| This is the relationship between a good's price and the amount that producer's are willing to supply | Supply
🗑
|
||||
| This is a law that states other things remaining equal, as the price of a good increases, the quantity supplied also increases in a free market economy | Law of supply
🗑
|
||||
| This is a list of numbers that compares price with quantity supplied | Supply schedule
🗑
|
||||
| This law states that the direct relationship between the price of a good and the amount that suppliers will make available. Its saying that if the price of a good drops, the quantity that is supplied of that good also falls. | Law of supply
🗑
|
||||
| This is a graphic representation of the quantity of goods supplied at different prices. | Supply curve
🗑
|
||||
| This is the quantity of a good that producers will supply at a given price per unit within a specified amount of time. | Quantity supplied
🗑
|
||||
| These are factors that can shift a supply curve what are they? | 1) Technology
2) Resource Prices
3) Prices of related goods
4) Number of sellers
5) Producer expectations
6) Government taxes, subsidies, Regulations
🗑
|
||||
| This is money given to businesses by the government to encourage production. | Subsidies
🗑
|
||||
| This is caused only by a change in price within an existing supply. This moves one point on a supply curve to another point on the same curve. | Change in quantity supplied
🗑
|
||||
| This is another name for a supplier | Producer
🗑
|
||||
| This is another name for a demander | Consumer
🗑
|
||||
| This is the place at which the quantity demanded and quantity supplied are equal | Equilibrium
🗑
|
||||
| This is a situation in which the quantity demanded exceeds the quantity supplied at a given price | Shortage
🗑
|
||||
| This is when the quantity supplied of a good is greater than the quantity demanded at a given price | Surplus
🗑
|
||||
| True or false demand is mostly elastic | True
🗑
|
||||
| This is when prices go up and people will buy less | Price elasticity of demand
🗑
|
||||
| This is the demand for a good whose price has raised really high, but consumers still pay for it for they feel their are no substitutes for it. | Inelastic
🗑
|
||||
| This is when governments place a limit on how a producer may charge for his product. | Price ceiling
🗑
|
||||
| This is when the price levels are set above the equilibrium prices. | Price floors
🗑
|
||||
| The result of this often results in a shortage of goods | Price ceiling
🗑
|
||||
| The result of this is often a surplus of goods | Price floors
🗑
|
Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
Created by:
Leslie Spark
Popular Economics sets