Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
17 Cards in this Set
- Front
- Back
the study of how best to allocate scarce resources among competing uses
|
economics
|
|
lack of enough resources to satisfy all desired uses of those resources
|
scarcity
|
|
resource inputs used to produce goods and services such as land labor capital and entrepreneur ship
|
factors of production
|
|
final goods produced for use in teh production of other goods such as equipment structures.
|
capital
|
|
the assembling of resources to produce new or improved products and technologies
|
entrepreneurship
|
|
the most desired goods or services that are forgone to obtain sometheing else.
|
opportunity cost
|
|
the alternative combinations of final goods and services that could be produced in a given time period with all available resources and technology
|
production possibilities
|
|
maximum output of a good from the resources used in production
|
efficiency
|
|
and increase in output an expansion of production possibilites
|
economic growth
|
|
the use of market prices and sales to signal desired outputs
|
market mechanism
|
|
the doctrine of leave it alont of non intervention by government in the market mechanism
|
laissez faire
|
|
an economy that uses both market signals and government directives to allocate goods and resources
|
mixed economy
|
|
an imperfection in the market mechanism that prevents optimal outcomes
|
market failure
|
|
government intervention that fails to improves economic outcomes
|
governt failure
|
|
the study of aggregate economic behavior, of teh economy as a whole.
|
macroeconomics
|
|
the study of individual behavior in the economy, of the components of the larger economy
|
microeconomics
|
|
the assumption of nothings else changing
|
ceteris paribus
|