Economics

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Flashcards on Economics, created by cdy6 on 04/03/2015.
cdy6
Flashcards by cdy6, updated more than 1 year ago
cdy6
Created by cdy6 over 9 years ago
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Question Answer
What is economics? Economics is the study of how people use resources to survive and to satisfy their needs an wants
Human Resources People who use their skills to produce a good/service
Examples of Human Resources Accountant, Truck Driver, Firefighter, Cashier, Janitor
Natural Resources Materials or substances that occur in nature and can be used for economic gain
Examples of Natural Resources Air, Water, Wood, Oil, Iron, Coal
Capital Resources Goods produced and used to make other goods/services
Examples of Capital Resources Buildings, machinery, tools, equipment
Cash Economy Financial Transitions are carried out in cash rather than debit or credit. It determines and limits the goods and services a customer can buy
Values (Customer) A customer's beliefs. The more important something is to the customer, the more the customer is willing to spend on it.
Examples of Values Family, Friends, Work, Honesty, Religion, Self Reliance
Self Reliance Reliance on one's own ability and resources rather than those of others
3 Basic Economic Questions 1. What goods and services should be produced? 2. How to produce the goods and services 3. Who gets the goods and serves produced?
What is market? 1. A place where there mare many buyers and sellers who actively engage in acts of buying and selling goods or services 2. Usually in exchange for money 3. May be in one specific place or not exist physically at all
Examples of Invisible Markets 1. Over telephone lines 2. Online 3. In Emails
2 Types of Markets Consumer Market, Business Market
Consumer Market Represents individuals and families purchasing goods/services for personal consumption
Business Market Market of goods and serves to individuals and organizations for the purpose other than personal consumption
Global Market 1. Transactions that are devised and carried out across national borders 2. Selling goods/services in international markets
What is a market structure? The selling environment in which a firs produces and sells
3 Types of Market Structures 1. Perfect Competition 2. Monopoly 3. Oligopoly
Competition: A person or a group that you are trying to succeed against
Cooperation: A combination of people working towards a joint benefit or common goal
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