Unit 1 Economics

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advantages of traditional economy

everyone knows what role to play

what is biofuel?

fuel made from wood, peat, municipal solid waste, straw, corn, tires, landfill gases, fish oil, and other waste

what are the two groups that wants and needs fall into?

goods and services

disadvantages of mixed economy

higher personal income tax

advantages of market economy

individual freedom

what are the five characteristics to a capitalist free enterprise economy? (open response)

individual freedom a variety of goods adapting to change promoting progress creation of wealth

what are the benefits of free enterprise capitalism?

individual freedom, a variety of goods, adapting to change, promoting progress, and creation of wealth

what is supply?

the amount of a product that would be produced, grown, or acquired and offered for sale at all possible prices that could prevail at the market

what is cost-benefit analysis?

the comparison of the cost of an action to its benefits

what is scarcity?

the condition that results from society not having enough resources to produce all the things people would like to have

what is privatization?

the conversion of state owned factories and other property to private ownership

What is gross domestic product?

the dollar value of all final goods and services and structures produced within a country's borders in a 12 month period

what is GDP per capita?

the gross domestic product on a per person basis

what is population density?

the number of people per square mile of land

what does factors of production mean?

the productive resources needed to produce goods

what is standard of living?

the quality of life based on ownership of necessities and luxuries that make life easier

what is total cost?

the sum of variable costs plus fixed costs; all costs associated with productions

what is a traditional economy?

the use of scarce resources and nearly all economic activities

disadvantages of market economy

uncertainty

what is elastic demand?

when a change in prices causes a large change in quantity demand

what is inelastic demand?

when a given change in price causes a small change in quantity demand

what is economics?

The study of how people try to satisfy seemingly unlimited and competing needs and wants, the careful use of relatively scarce resources

what is a need?

a basic requirement for survival

what is microeconomics?

a branch of economic theory that deals with behavior and decision making by small units like individuals and firms

what is a command economy

a central authority makes the major decisions about WHAT, HOW, and FOR WHOM to produce

what is demand?

a combination of quantities that someone would be willing and able to buy over a range of possible prices at a given moment

what is a mixed economy?

an economic system that has some combination of traditional, command, and market economies

what is a free enterprise economy?

a market economy in which privately owned businesses have the freedom to operate for a profit with limited government interference

what is inflation?

a rise in the general level of prices

what is an economic model?

a simplified version of a complex concept or behavior expressed in the form of a graph, figure, equation, or diagram

examples of traditional economy

african mbuti, australian aborigines

what is total revenue?

all of the revenue that a business receives

what is trade off?

an alternative that must be given up when one choice is made rather than another

what is socialism?

an economic and political system in which the government owns some but not all factors of production

what is capitalism?

an economic system in which private citizens own and use the factors of production in order to generate profits

what is a market economy?

an economy where WHAT, HOW, and FOR WHOM questions are primarily answered by people who make supply and demand decisions

examples of market economy

australia, canada, great britain, japan, south korea, western europe, and the us

advantages of command economy

can change direction drastically

what are 6 out of the 8 factors that can cause a change in supply? (open response)

cost of resources productivity technology taxes subsidies government regulations number of sellers

disadvantages of traditional economy

discourages new ideas and new ways of doing things

what are four types of good? (open response)

durable goods non durable goods consumer goods capital goods

what are 5 out of the 7 major economic and social goals? (open response)

economic freedom economic efficiency economic equity economic security full employement

what are the four factors of production? (open response)

land capital tools, equipment, machinery, etc. labor people with all their efforts, ability, and skills entrepreneurship

disadvantages of command economy

no reward of individual initiatives

examples of command economy

north korea, cuba, vietnam, USSR

advantages of mixed economy

not restricted to communist controlled command economies

what are the five consumer rights?

right to safety right to be informed right to choose right to be heard right to redress

what is a want?

something we would like to have but it is not necessary for survival


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