Term
| What are the three benefits of physical capital |
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Definition
| Extra time, more knowledge, more productivity |
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Term
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Definition
| all human made goods that are used to produce other goods and services |
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Term
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Definition
| skills and knowledge gained by a worker through education and experience |
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Term
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Definition
| using resources in such a way as to maximize the production of goods and services |
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Term
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Definition
| using fewer resources than an economy is capable of using |
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Term
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Definition
| Economic efficiency, Economic freedom, Economic security and predctability, economic equity, economic growth and innovation, other goals |
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Term
| 4 types of economic systems |
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Definition
| Traditional, Market, Command/centrally planned, Mixed |
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Term
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Definition
| relies on habit, custom, or ritual to decide questions |
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Term
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Definition
| Decisions on production of goods and services based on voluntary exchange in markets |
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Term
| Commands/Centrally planned Economy |
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Definition
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Term
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Definition
| Market based economic system with limited gov't involvement |
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Term
| 2 Constitutional Protections |
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Definition
| Property rights, taxation |
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Term
| 3 Basic principles of free enterprise |
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Definition
| profit motive, open opportunity, economic rights |
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Term
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Definition
| legal equality, private property rights, free contract, voluntary exchange, competion |
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Term
| Positive role of the government |
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Definition
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Term
| Negative role of the government |
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Definition
| They can be over protective |
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Term
| 4 components that promote economic strength |
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Definition
| Employment, growth, stability, economic citizenship |
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Term
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Definition
| A period of expansion followed by a period of contraction |
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Term
| Technology and productivity |
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Definition
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Term
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Definition
| a shared good or service for which it would be inefficient or impractical without |
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Term
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Definition
| someone who would not choose to pay for a certain good or service, but who would get the benefits of it anyway |
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Term
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Definition
| an econmic side effect or a good or service that generates benefits or costs to someone other than the person deciding how much to produce or consume |
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Term
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Definition
| Money is taken from the gov't and given to people |
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Term
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Definition
| an income level below that which is needed to support families and househoulds |
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Term
| Examples of cash transfers |
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Definition
| TANF, social security, unemployment benefits, workers compensation |
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Term
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Definition
| Medicare- old people, medicade- injury or disabled |
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Term
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Definition
| the doctorine that governments generally should not intervene in the market place |
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Term
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Definition
| an arrangment that allows buyers and sellers to exchange things |
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Term
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Definition
| No one is self sufficient |
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Term
| Define the 2 players in the free market system |
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Definition
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