Bimester Economic Exam Review

These flashcards cover key concepts and vocabulary related to the study of economics as outlined in the lecture notes.

Scarcity

The fundamental economic problem where human wants exceed the resources available.

Goods

Products that satisfy human needs.

Services

Activities that satisfy human needs through personal effort.

Primary Needs

Basic needs that must be satisfied to survive.

Secondary Needs

Needs that enhance well-being once primary needs are met.

Opportunity Cost

What must be given up to obtain something else; a key consideration in economic decision-making.

Perfect Market

A market structure where no single buyer or seller can influence the price; characterized by identical or homogeneous products.

Imperfect Market

Market structures where sellers can influence prices; includes monopolies, duopolies, and oligopolies.

Law of Demand

The principle that as the price of a good increases, the quantity demanded decreases, and vice versa.

Law of Supply

The principle that as the price of a good increases, the quantity supplied also increases, and vice versa.

Inflation

A sustained increase in the general price level of goods and services in an economy over time.

Feudalism

An economic system characterized by a hierarchy of lords and vassals, where land ownership is key and serfs work for noble landowners.

Capitalism

An economic system where private individuals own the means of production and operate for profit.

Socialism

An economic and political system advocating for collective or governmental ownership of the means of production.

Communism

A political and economic ideology aiming for a classless system where all property is communally owned.