Econ ch. 1-2
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| Economics | Production of material goods and services
Science of efficiency
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| Economic systems | Systems that organize society to produce goods and services
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| Economics is concerned with | How society allocates scarce resources to try to fulfill unlimited wants
Society’s wants will always outnumber the resiurces
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| Capitalism | Private individuals control the economy
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| Socialism | Government controlled economy
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| Globalization | Increased trade between nations and foreign investment
Leads to specialization, imports, and lower self-sufficiency
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| Factors of production | Land
Labor
Capital
Entrepreneurial ability
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| Physical Capital | All manufactured resources
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| Human Capital | Accumulated training and education and workers
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| Entrepreneur | Person who organizes, manages, and assembles other resources
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| Services | Tasks preformed for someone else (intangible goods)
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| Scarcity | Wants forever greater than supply
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| Opportunity cost | Next-best alternative that must be given up in order to obtain something or satisfy a want
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| Production possibility curve | Graph representing all possible combinations of maximum outputs that could be produced
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| Assumptions of economic models | * Fully employed resources
* Production over a specific time period
* Fixed resources
* Technology doesn't change
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| Consumer goods | Directly satisfy wants (in the present)
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| Capital | Used to make other goods (for the future)
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| More capital goods | Investment in the future economy, more consumer goods in the future
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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.
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