M1-L1: Nature of Economics Flashcards

1
Q

Study of the entire health care economy.

A

Macroeconomics

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2
Q

Study of the individual units of health care economy.

A

Microeconomics

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3
Q

Tangible products.

A

Goods

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4
Q

Intangible Products

A

Services

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5
Q

Provides direct satisfaction.

A

Consumer Goods

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6
Q

Use to produce other goods.

A

Capital Goods

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7
Q

Things that we can live without (nonessential).

A

Luxury Products

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8
Q

Things that we cannot live without (essential).

A

Basic Products

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9
Q

Has attached value (market price).

A

Economic Goods

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10
Q

Free, for everybody’s consumption.

A

Non-economic Goods

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11
Q

Provided for by the government.

A

Public Goods

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12
Q

Produced by businessmen/ entrepreneurs.

A

Private Goods

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13
Q

Individuals who purchase and use the finished products.

A

Consumers

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14
Q

Manufacturers and sellers of finished products.

A

Producers

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15
Q

Regulates the actions of consumers and producers.

A

Government

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16
Q

Buyer of excess products and seller of limited products.

A

International Market

17
Q

Natural resources.

A

Land

18
Q

Payment for the use of land.

A

Rent

19
Q

Human resources.

A

Labor

20
Q

Payment for labor.

A

Wage/Salary

21
Q

Machines and equipment (man-made).

A

Capital

22
Q

Payment for the use of capital.

A

Interest/Depreciation

23
Q

Person who combines the other economic resources.

A

Entrepreneur

24
Q

Return of investment.

A

Profit

25
Q

Very primitive, very backward, does not allow change.

A

Traditional Economy

26
Q

The government owns/controls the economic resources.

A

Command Economy

27
Q

Resources are privately owned and decisions are made by the people.

A

Market Economy