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ECONOMIC
FINALS
8
Economics
12th Grade
11/17/2015

Additional Economics Flashcards

 


 

Cards

Term
what two conditions must exist in order to have "REAL"demand?
Definition
1. must have the desire (you want it) and willingness to purchase product/service.
2. must have the ability (MONEY) to purchase product/service.
Term
On a national level how have we obtained the goal of economic equity and economic security.
Definition
1. by passing a minimum wage law

2. by passing the social security act
Term
define the following: value,paradox of values, utility and wealth.
Definition
value: a worth that can be expressed in dollar and cents.
paradox of values:apparent contradiction between the high monetary value of a nonessential item and the low monetary value of an essential item.
utility: the ability of a good,or service, to provide usefulness.
wealth:sum of tangible economic goods that are scare-useful and transferable from one person to another
Term
what factors create scarcity?
Definition
unlimited wants and limited resources.
Term
what is the difference between a need and a want and what are the basic needs?
Definition
a need is a basic requirement for survival whereas a want is something we would like to have. basic need food, clothing, and shelter.
Term
what is a market?
Definition
meeting place (RETAIL STORE) or mechanism (INTERNET) that allows buyers and sellers to come together to exchange goods and service.
Term
what is the difference between a need and a want and what are the basic needs?
Definition
a need is a basic requirement for survival whereas a want is something we would like to have. basic need food, clothing, and shelter.
Term
what is a market?
Definition
meeting place (RETAIL STORE) or mechanism (INTERNET) that allows buyers and sellers to come together to exchange goods and service.
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