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Economies
What is economics? And Economic discussions
26
Social Studies
8th Grade
12/13/2012

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Term
Economics
Definition
Study of how people and nations use scarce resources to fulfill needs and wants
Term
Wants
Definition
Desires we have that can be met by getting a good or service
Term
Good
Definition
Products we can touch or hold
Term
Service
Definition
Work that is done for us
Term
Resources
Definition
Anything that can be used to make goods or services
Term
Scarcity
Definition
Not having enough resources to satisfy ones wants
Term
Distribution
Definition
To give out or deliver a good or service
Term
Consumption
Definition
To purchase or use a good or service
Term
Economic systems
Definition
A nations way of producing what it's people want
Term
Traditional economy
Definition
Economic decisions are based on custom or habit
Term
Market economy
Definition
Economic decisions are made by individuals and businesses
Term
Command economy
Definition
Economic decisions are made by the government or central authority
Term
Mixed economy
Definition
Economic decisions are made by a mixture if all three economies
Term
Trade offs
Definition
Giving up one good or services for another
Term
Cost
Definition
Negative aspect of a decision
Term
Benefit
Definition
Positive aspect of a decision
Term
Opportunity costs
Definition
The benefit or opportunity given up when one option is chosen over another
Term
Fixed costs
Definition
Expense that does not change no matter how much a business produces
Ex. Rent
Term
Variable costs
Definition
An expense that changes depending on how much a business produces
Ex.payroll
Term
Revenue
Definition
Income or sum of all money received
Term
Profit
Definition
Money received over and above all costs
Term
What are the three factors or resources needed for production.
Definition
Land- natural resources such as farm land
Labor- workers and their abilities such as the farmer
Capitol- items used to make other goods such as buildings, tools, trucks, computers, money, etc.
Term
What are the 3 basic economic decisions that need to be made in any economic situation.
Definition
- what to produce?
- how to produce it?
- who will get the good produced?
Term
Name a few of the characteristics of a traditional economy.
Definition
1) rules passed down from elderly to youth
2) very little change
3) mostly remote tribal areas
4) decisions based on custom and habit
Term
Name a few of the characteristics of a market economy.
Definition
1) based on price and profit
2) producers and buyers compete
3) seen in the us and other free nations
4) decisions based in individuals and businesses
Term
Name a few of the characteristics of a command economy.
Definition
1) government sets product, prices, and quantity
2) no free choice
3) seen in communism, Egyptian pharaohs, etc.
4) decisions based on government or central authority
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