Worksheet- Basic Economic Concepts 1-20-15 – Flashcards
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The fundamental economic problem facing all societies.
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Scarcity
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Is a basic requirement for survival and includes food clothing and shelter
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Need
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Is a way of expressing A need
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Want
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There is no such thing as a free lunch.
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Tinstaafl is
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What, How, and for whom to produce
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The three basic questions every society must answer and dealing with scarcity are...
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Factors of production this includes, land, Capital, labor, and entrepreneur.
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The resources were acquired to produce thingswe would like to have our called the...
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Include tools, equipment, machinery, and factories
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Capital goods...
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Money used to buy the tools and equipment used in production
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Financial capital
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Is an item that is economically useful
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Good
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Final use
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Consumer good
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Used to produce other goods
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A capital good
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Means we rely on others to provide stuff
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Economic interdependence
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Alternative choices we could make when making decisions
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Trade-offs are
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Is the cost of the next best alternative
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Opportunity cost
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What, how, and for whom is decided by ritual, habit, or custom
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Traditional economy
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Make tools, fish, and hunt
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Three examples of traditional societies are...
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Knows which role to play
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What is the main advantage of traditional economies
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One in which a central authority makes all decisions
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A command economy is...
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North Korea and Cuba
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To command economies are
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Change direction and short time.
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What is the main strength of a command economy?
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1: not designed to meet once of consumers 2: doesn't give incentive to work hard
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Give to disadvantages of the command economy
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1: can adjust to change 2: high degree of individual freedom 3: small degree of government interference
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Give three advantages of the market economy
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Productive resources
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Factors of production
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Natural resource not created by human effort
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Land
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Social science that studies human efforts to satisfy wants
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Economics
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Money used to buy tools and equipment used in production
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Financial capital (cross word)
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Alternative choices
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Trade-offs
