econ and ww1 Flashcards
(27 cards)
What is economics?
Economics is a social science devoted to the study of how people and societies get what they need and want.
Economics examines the allocation of scarce resources.
Define needs in economics.
Needs are anything required for human survival, such as food, water, shelter, and basic human needs.
Define wants in economics.
Wants are anything people would like to have that may improve life but are not necessary for survival.
What is scarcity?
Scarcity refers to the limitation of resources, meaning there is never enough of anything to fully satisfy all those who want it.
List the four factors of production.
- Land
- Labour
- Capital
- Entrepreneurship
What are tariffs?
Tariffs are taxes imposed by a government on goods and services imported from other countries.
Define imports.
An import is a good or service bought in one country that was produced in another.
Define exports.
Exports are goods or services produced within one country, which are traded with another country.
What is a trade surplus?
A trade surplus is an economic measure of a positive balance of trade, where a country’s exports exceed its imports.
What is a trade deficit?
A trade deficit occurs when the value of a country’s imports exceeds the value of its exports.
Define goods.
Goods are tangible items, articles, or products that customers purchase from companies, with physical attributes like colour, size, shape, and weight.
Define services.
Services are intangible activities, amenities, benefits, or assistance that one person or business performs or provides to another.
What is a target market?
A target market is a group of individuals identified as the most likely potential customers for a product based on shared characteristics.
What does product-market fit (PMF) refer to?
Product-market fit refers to how well a product meets the needs of a specific market by solving at least one significant problem for customers.
What is USP?
Unique Selling Proposition (USP) is the feature or perceived benefit of a good or service that makes it unique from competing brands.
Define competition in economics.
Competition is an activity involving two or more businesses trying to persuade customers to buy their goods instead of others’ goods.
What is price?
Price is the amount of money given to the seller from the buyer in exchange for a good or service.
Define Corporate Social Responsibility (CSR).
Corporate Social Responsibility (CSR) is a business model where companies consider social and environmental concerns in their operations alongside economic profits.
What does marketing refer to?
Marketing refers to the activities a business performs to promote the buying or selling of its products or services.
What are the 4 Ps of Marketing?
- Product
- Price
- Place
- Promotion
What is mechanization?
Mechanization is the increasing use of technology and machines in production processes.
Define imperialism.
Imperialism is a policy of extending a country’s power and influence through colonization, military force, or other means.
What were the key empires involved in imperialism during the late 20th century?
- Russia
- Great Britain
- Austria-Hungary
- Ottoman Empire
- French Empire
- German Empire
What led to the naval race between Britain and Germany?
The naval race was fueled by the competition for military dominance and the expansion of naval power.
