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Flashcards in FINAL Deck (39)
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1

Scarcity

We cannot have all we want of goods and services

2

Opportunity costs

What is forgone when I choices made

3

Secondary effects

The unintended result of choices, unplanned and often unforeseen

4

Efficiency

The absence of waste

5

Macro economics

Deals with choices that affect the whole country

6

Micro economics

Looks mainly at choices made by individuals in households and business firms

7

Economic profit

A reward for innovation

8

Normal profit

Zero economic profit, just enough to keep existing resources employed no more, no less

9

Law of demand

When things other than price and quantity stay the same, people still want

10

Law of supply

Other things staying the same, firms are willing and able to sell more goods or services at higher prices than at lower ones

11

Substitute

A good we can use in place of another product

12

Market power

The ability to influence the price of a product or resource

13

Types of gross domestic product

Real and nominal

14

Define GDP

Gross domestic product is the value of all goods and services produced in a year in a single country

15

Real

Accounting for changes over years

16

Nominal

The GDP as it is in the moment

17

Inflation

A general increase in prices and or fall in the purchasing power of money

18

Money

A neutral means of exchange

19

Protectionism

A set of ideas to justify restrictions on imports

20

Four types of resources

Land, labor, capital, entrepreneurial and managerial ability

21

What are the four types of economic system

Tradition, command, market, mixed

22

We cannot have all we want of goods and services

Scarcity

23

What is for gone when A choice is made

Opportunity costs

24

The unintended result of choices, unplanned and often on for seen

Secondary effects

25

The absence of waste

Efficiency

26

Deals with choices that affect the whole country

Macroeconomics

27

Looks mainly at choices made by individuals and households and a business firms

Microeconomics

28

A reward for innovation

Economic profit

29

Zero economic profit, just enough to keep existing resources employed and no more and no less

Normal profit

30

Other things staying the same, firms are willing and able to sell more goods or services at higher prices than at lower ones

Law of supply