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50 Cards in this Set
- Front
- Back
Natural resources that are used to make goods and services.
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Land
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The effort that people devote to a task for which they are paid.
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Labor
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The skills and knowledge gained by a worker through education and experience.
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Human Capital
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All human-made goods that are used to produce other goods and services; tools and buildings.
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Physical Capital
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An item that we desire but that is not an essential to survival.
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Want
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Something like air, food, or shelter that is neccessary for survival.
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Need
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An alternative we sacrifice when we make a decision.
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Trade-off
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Any human-made resource that is used to create other goods and services.
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Capital
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The most desirable alternative given up as the result of a decision
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Opportunity Cost
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Limited quantites of resources to meet unlimited wants.
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Scarcity
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Property owned by individuals or companies, not by the government or the people as a whole.
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Private Property
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Philosopher; The invisiable hand theory.
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Adam Smith
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A social and political philosophy based on the belief that democratic means should be used to evenly distribute wealth throughout a society.
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Socialism
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An expectation that encourages people to behave in a certain way.
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Incentive
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Economic system that combines the free market with limited government involvement.
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Mixed Economy
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Government aid to the poor.
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Welfare
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An economis side effect of a good or service that generates benefits or costs to someone other than the person deciding how much to produce or consume.
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Externality
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A shared good or service for which it would be impractical to make consumers pay individually and to exclude nonpayers.
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Public Good
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The study of the economic behavior and decision making if small units, such as individuals, families, and businesses.
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Microeconomics
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The struggle among producers for the dollars of consumers; the rivalry among sellers to attract customers while lowering costs.
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Competition
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Two goods that are bought and used together.
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Complement
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The total amount of monry a firm recieves by selling goods or services.
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Total Revenue
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Described demand that is not very sensitive to a change in price.
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Inelastic
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A good that consumers demand more of when their income increases.
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Normal Good
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A good that consumers demand less of when their income increases.
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Inferior Good
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The desire to own something and the ability to pay for it.
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Demand
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A cost that rises or falls depending on how much is produced.
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Variable Cost
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The cost of producing one more unit of a good.
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Marginal Cost
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A measure of the way quantity supplied reacts to a chanhe in price.
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Elasticity of Supply
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The amount of good available.
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Supply
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A market in which goods are sold illegally.
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Black Market
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A maximum price that can be legally charged for a good or service.
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Price Ceiling
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A minimum price for a good or service.
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Price Floor
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The point at whic quantity demanded and quantity supplied are equal.
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Equilibrium
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Combination of two or more companies into a single firm.
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Mergers
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An agreement among firms to divide the market, set prices, or limit production.
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Collusion
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A market structure in which a few large firms dominate a market.
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Oligopoly
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A market dominated by a singlw seller.
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Monopoly
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A business organization owned by two or more persons who agree on a specific division of responsibilities and profits.
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Partnership
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a formal contract to repay borrowed money with interest at fixed intervals.
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Bond
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A legal entity owned by individual stockholders.
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Corporationg
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Money and other variables belonging to an individual or business.
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Assets
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A business owned and managed by a singlw individual.
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Sole Proprietorship
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A settlement technique in which a third party reviews the case and imposes a decision that is legally binding for both sides.
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Arbitration
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Someone who works in a industrial job, often in manufactouring, and who recieves wages.
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Blue-Collar Workers
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An organized work stoppage intended to force an employer to address union demands.
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Strike
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Labor that requires specialized akills and training.
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Skilled Labor
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The wage rate that producer neither an excess supply of workers no an excess demand for workers in the labor market.
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Equilibrium Wage
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Vakue of outout produced.
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Productivity
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The theory that the completion of college indicates to employers that a job aplicant is intelligent and hard-working.
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Screening Effect
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