Details

Title: Microeconomics

Description: Sections 1 and 2

Total Flash Cards: 11

Created: 09/27/2008 14:06:16

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Cards in this set:

Term
income (IA1)
 Definition
primary resources available for current consumption
Term
wealth (IA1)
 Definition
capital goods used for future consumption or production
Term
_______ goods and services are consumed in the current period (IA1)
 Definition
consumer
Term
____ goods are NOT consumed in the current period (IA1)
 Definition
capital
Term
growth (IA1)
 Definition
increase in income and wealth; measured in terms of per capita income or wealth
Term
equity (IA1)
 Definition
distribution of income and wealth; a more euitable distribution and wealth is preferable but redistributive policies that undermine the incentives to create income or wealth raise difficult issues
Term
production
Definition
creation of goods and services
Term
_____ and ______ combine to create consumer and producer goods
 Definition
capital and labor
Term
trade
 Definition
exchange of goods and services
Term
investment
 Definition
capital for future production
Term
government infrastructure... 3 parts
 Definition
legal system for private property, contracts, and corporations, physical infrastructure of roads and sanitation, and nation defense and police protection