Shared Flashcard Set

Details

Module 1
Terms
17
Economics
12th Grade
09/16/2012

Additional Economics Flashcards

 


 

Cards

Term
Economics
Definition
Study of scarcity and choice
Term
Individual Choice
Definition
Decision by individuals about what and what not to do
Term
Economy
Definition
Coordinates choices about production with choices about consumption, and distribute goods and services to people who need them
Term
Command Economy
Definition
Industry is publicly owned and central authority makes decisions about production and consumption
Term
Market Economy
Definition
Production and consumption are based on individual
Term
Incentives
Definition
Motivations that are either rewarding or punishable.
Term
Property Rights
Definition
Establish ownership and grant individuals right to trade goods and services with each other
Term
Marginal Analysis
Definition
Looking at the benefits and costs of the next thing.
Term
Resource
Definition
Anything used to produce something else
Term
Factors of Production
Definition
Land, labor, capital, and entrepreneurship
Term
Scarcity
Definition
Not enough of a resource available to satisfy public's needs
Term
Opportunity Cost
Definition
What you must give up with a choice
Term
Microeconomics
Definition
Choices made by the smaller parts of the economy, such as individuals and companies.
Term
Macroeconomics
Definition
Overall ups and downs of economy.
Term
Economic Aggregates
Definition
Economics measures such as unemployment and inflation rate, or gross domestic product.
Term
Positive Economics
Definition
Economic Analysis with definite right and wrong answers
Term
Normative Economics
Definition
How the world should work
Supporting users have an ad free experience!