econ 1~6

Question 1

resource

Answer 1

factor of production

Question 2

scarcity

Answer 2

A shortage of an product

Question 3

free goods

Answer 3

goods that are accessible with out producing

Question 4

economic goods

Answer 4

goods that use resources to produce

Question 5

types of factor of production

Answer 5

land, labor, enterprise, capital

Question 6

labor

Answer 6

all human efforts

Question 7

capital

Answer 7

man made product that helps to produce other products (machines)

Question 8

capital goods / producer goods

Answer 8

goods that is wanted for what it produces

Question 9

consumer goods

Answer 9

goods that consumers consume (food, clothings)

Question 10

enterprise

Answer 10

a willingness to risk for a uncertain idea or a decision in a business

Question 11

land

Answer 11

general resources from the earth

Question 12

occupationally mobile

Answer 12

can be used for different preposes

Question 13

geographically mobile

Answer 13

can be moved physically

Question 14

gross investments

Answer 14

total output produced by capital goods

Question 15

net investment

Answer 15

gross investment - depreciation

Question 16

depreciation

Answer 16

capitals that wear out

Question 17

opportunity cost

Answer 17

the best alternative forgone

Question 18

PPC

Answer 18

production possibility curves

Question 19

shift of ppc outwards

Answer 19

increase in qualities or quantities

Question 20

market

Answer 20

arrangements that bring buyers into contract with sellers

Question 21

microeconomics

Answer 21

study of decisions of firms and households + individual markets

Question 22

macroeconomics

Answer 22

study of whole economy

Question 23

economic agents

Answer 23

decision makers in economy

Question 24

private sector

Answer 24

firms owned by shareholders & individuals

Question 25

economic system

Answer 25

determines how resources are allocated

Question 26

planned economic system

Answer 26

governments makes big decisions

Question 27

directives

Answer 27

state instructions given to state owned enterprises

Question 28

mixed economic system

Answer 28

where governments & private sectors play important roles

Question 29

price mechanisim

Answer 29

how prices are determined to supply and demand

Question 30

capital/labor intensives

Answer 30

large proportion used relative to each other

Question 31

equilibrium

Answer 31

demand and supply are equal at current price

Question 32

disequilibrium

Answer 32

when supply and demand do not equal each other