Economics Flashcards

Frage	Antworten
Economics	The science that deals with the production, distribution, and consumption of commodities
Wants vs. Needs	Wants are something that you don't HAVE to have, but you would like to have. Needs are things that are necessary for your life.
Scarcity	Being in short supply
Factors of Production	The inputs that are used in the production of goods or services in the attempt to make an economic profit
Land	Resources of production that the Earth provides
Labor	The parts of production that require human effort to get the production to a specific point
Capital	Any man-made thing that participates and has a part in production
Entrepreneurship	The part of production when a product manager (goods or services) sells and makes a profit off of his product
Entrepreneur	A person who provides goods or services on their own and makes a profit from it
Trade-Off	Involves a sacrifice that must be made to get a certain product or experience
Opportunity Cost	the cost of an alternative that must be forgone in order to pursue a certain action
Gross Domestic Product	a broad measurement of a nation's overall economic activity
Circular Flow Model	economic model depicting how money flows through the economy
Factor Market	markets where services of the factors of production (not the actual factors of production) are bought and sold
Product Markets	the marketplace in which final goods or services are offered for purchase by consumers, businesses, and the public sector.
Specialization	when a nation or individual concentrates its productive efforts on producing a limited variety of goods
Division of Labor	Dividing a job into many specialized parts, with a single worker or a few workers assigned to each part
Adam Smith	a Scottish moral philosopher, pioneer of political economy, and a key figure in the Scottish Enlightenment
Capitalism	An economic and political system characterized by a free market for goods and services and private control of production and consumption
Free Enterprise System	an economic system where few restrictions are placed on business activities and ownership
Consumer Sovereignty	the situation in an economy where the desires and needs of consumers control the output of producers
Private Ownership	a legal designation for the ownership of property by non-governmental legal entities
Competition	When two or more people are competing for something (in this case, two entrepreneurs fighting for the bigger profit)
Profit Motive	The intent to achieve monetary gain in a transaction or material endeavor
Laissez-faire	“Let (people) do (as they choose).”

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