Economics Unit 1
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| show | the study of how people fulfill their unlimited wants in a world where resources are scarce
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| show | resources that can be drawn on indefinitely if used conservatively (ex: solar energy, water, wind)
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| Non-renewable resources | show 🗑
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| show | when a resource or factor of production is not available in sufficient quantities to satisfy the ways society uses it
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| show | the study of individual markets (ex: effects on the price of one good, an individual labor market, individual consumer behavior, supply of one good)
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| show | the study of a whole economy (GDP) (ex: inflation, employment and unemployment, aggregate demand (AD), and productive capacity of an economy)
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| show | study of economics that states the facts without the input of opinions or value judgements
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| show | study of economics that states facts in addition to value judgements, states the desirable reality, and asserts how things "should" be
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| Resources | show 🗑
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| show | includes all natural resources used to produce goods and/or services
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| show | aids or tools used to produce goods and/or services
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| show | capital that includes buildings, machines, tools, equipment, workspaces, etc.
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| Human capital | show 🗑
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| Entrepreneurial ability | show 🗑
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| Rational pursuit of self-interest | show 🗑
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| Marginal analysis | show 🗑
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| Incentives | show 🗑
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| show | the time and information gathering required to make a rational financial decision
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| Sunk costs | show 🗑
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| Opportunity cost | show 🗑
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| Production possibilities curve | show 🗑
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| Economic efficiency | show 🗑
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| show | states that the opportunity cost of a good rises as more of the good is produced
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| show | an increase in the ability to produce goods and services over time
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| show | the economic goal of distributing equal opportunity
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| show | the economic goal of the freedom for consumers to decide how to save/spend their incomes, to change jobs and form unions, and to close business or establish new ones
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| show | the economic goal of increasing production, measured by changes in gross domestic product (GDP)
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| Economic security | show 🗑
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| Economic stability | show 🗑
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| show | avoiding inflation or deflation
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| Full employment | show 🗑
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| Traditional economy | show 🗑
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| Command/centralized economy | show 🗑
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| Market economy | show 🗑
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| Mixed economy | show 🗑
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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.
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Created by:
ameyer24saintursula
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