1st Semester Final - Terms Flashcards Preview

Economics - Arichikatokime > 1st Semester Final - Terms > Flashcards

Flashcards in 1st Semester Final - Terms Deck (33):
1

Deciding whether to do or use one additional unit or resource.

Thinking at the Margin

2

A phrase that refers to what nations face.

Guns or Butter

3

Ambitious leader who creates new goods and services.

Entrepreneur

4

All human made goods that are used to create other goods.

Physical Capital

5

Effort that people devote to a task.

Labor

6

Physical objects such as goods or phones.

Goods

7

An item that we desire but it's not essential to live.

Want

8

The common sense science of how and why people, business and governments make the choices they do.

Economics

9

Everything that is finite or limited to quantity

Scarcity

10

Uses wisely and well of what God has given

Stewardship

11

To determine the nature of the product.

Intrinsic Value

12

Also known as schedule, and a popular method of explaining simple relationships between pairs.

Tabular Model

13

Contains horizontal and vertical axis that can used for many purposes.

Line Graph

14

This provides a complete visual explanation of how a complete national economic system functions.

Circular Flow Model

15

Land, labor, capital, and entrepreneurship

Factors of Production

16

The payment made on borrowed money.

Interest

17

When a government spending exceeds when it receives in taxes

Budget Deficit

18

Difference between revenues receive and costs that go in production.

Profit

19

All payments for labor

Wages

20

The activity of reacting new and useful services

Consumption Expenditures

21

Household's spending on goods and services

Principle of Diminishing Marginal Utility

22

The willingness of consumers to purchase a product and the actual act of purchasing it.

Demand

23

Goods that experience an increase in demand because of an increase of consumer's incomes.

Normal Goods

24

Goods that households may use in place of others.

Substitute Goods

25

Goods that are usually purchased that are used together.

Complementary Goods

26

Items that see in decline in sales as consumers incomes increases.

Inferior Goods

27

When a demand curve shifts to the left or the right.

Change in Demand

28

When the government dictates that the prices may not rise any higher.

Price Ceiling

29

A barrier that prevents prices falling below the market price.

Price Floor

30

The price at which consumers are willing to take from the market that exact quantity of a product that suppliers that will put into the market.

Market Equilibrium Price

31

The willingness of business to produce more of their product at any given price.

Increase in Supply

32

Supply fluctuation up or down

Changes in Supply

33

A graph that shows alternative ways to use the economy's resources

Production Possibility Curve