1
Q
o Resources
A
o Resources: factors used to produce goods and services
2
Q
o The Economic Problem
A
o The Economic Problem: unlimited wants exceeding finite resources
3
Q
o Scarcity
A
o Scarcity: A situation when there is not enough to satisfy what everyone wants
4
Q
o Opportunity Cost
A
o Opportunity Cost: the best alternative forgone
5
Q
Economic Good
A
a product which requires resources to produce and therefore has an opportunity cost
6
Q
Free Good
A
a product which does not require resources to produce and hence doesnt have an opportunity cost
Economics
flashcards
Decks in class (31)
# Cards
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Chapter 1- Basic Economic Problem6
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Chapter 2- Factors of Production27
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Chapter 3- Opportunity Cost1
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Chapter 4- Production Possibility Curves(PPC)5
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Chapter 5- Microeconomics and Macroeconomics7
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Chapter 6- Role of Markets in Allocating Resources15
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Chapter 7- Demand16
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Chapter 8- Supply14
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Chapter 9- Price Determination5
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Chapter 10- Price Changes3
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Chapter 11-Price Elasticity of Demand11
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Chapter 12-Elasticity of Supply11
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Chapter 13- Market Economic System13
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Chapter 14-Market Failure17
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Chapter 15- Mixed Economic System15
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DEFINITIONS CH 16- Money and Banking13
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Chapter 17- Households15
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Chapter 18- Workers26
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DEFINITIONS CH 19- Trade Unions15
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Chapter 20- Firms23
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Chapter 21- Firms and Production9
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Chapter 22- Firms, Costs, Revenue and Objectives14
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Chapter 23- Market Structure17
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Chapter 24- the role of government12
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Chapter 25- Macroeconomic Aims of Government0
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Chapter 26- Fiscal Policy29
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Chapter 28- Supply Side Policy3
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Chapter 32- Living Standards10
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Chapter 33- Poverty7
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Chapter 34- Population16
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Chapter 35- Economic Development8
