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Economics

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13 Terms

1

Economics

The study of the use of resources and decision making

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2

What are the 4 factors of capital?

  • Land

  • Labor

  • Entrepreneurship

  • Capital

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3

Physical Capital

  • Tools, machines & factories used to produce items

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4

Human Capital

Knowledge experience & training that creates productive workers

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5

Entrepreneurship

A person who brings together all of their resources, capital and takes the risk to start a business

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6

Microeconomics

The study of small scale individuals and firms

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7

Macroeconomics

The collective decisions of everyone all the time, looks at growth, inflation, and policy as well

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8

Mixed economy

Where individuals and the government both play a role

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9

central planned economy

Where government owns the means of production & decides whats produced and how to produce it & who gets it

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10

Market economy

an economic system in which the decisions regarding investment, production, and distribution to the consumers are guided by the price signals created by the forces of supply and demand.

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11

A traditional economy

an economic system where people use customs, traditions, and cultural beliefs to survive, and monetary status is not important

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12

Scarcity

Resources are limited, which creates the need for prioritization and decision-making.

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13

Efficiency

Economics examines how to use these resources in the most effective way to maximize output and satisfaction

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