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Econ unit 1

any resources that are made by humans and used to create other goods and services
resources used to make all goods and services
factors of production
purpose of production possibilities graph
show alternative ways to use an economy’s resources
production possibilities frontiers curve when they are charted on a graph because they show
the increasing costs resulting in increasingly less output
kind of decision that can be made at the margin
whether or not to hire new workers
what makes someone an entrepreneur
running a service that hires people to install sprinkler systems in lawns
what is not a characteristic of a centrally planned economy
each collective or factory sets its own goals
what does the process of specialization do for an economy?
it makes it more efficient
how could the chinese’s economy be characterized
mixed, but on the side of centrally planned
what is the product market
a market in which households purchase the goods and services that firms produce
what is a condition that the safety net of the government would NOT cover
stock market decline
leader that introduced communism and central planning to the former soviet union
vladimir Lenin
what is a private organization that attempts to influence public officials to act or vote in ways that will benefit the group’s members
special interest group
what is a positive externality
an economic side effect that generates unexpected benefits
difference between business cycle and the day to day ups and downs of the market
a business cycle is a major, prolonged fluctuation rather than a day to day movement
critical rule for determining whether something is a public good
total benefits to society are greater than the total cost
what is NOT an example of a public good
shopping malls
what best describes the role of government in a free enterprise system
allow individuals to operate their businesses in ways they think will maximize their profits
how do consumers make their desires known to businesses most effectively
through buying products
why does the government require businesses to disclose so much information to the public
to make buyers more knowledgeable and safer
opportunity cost
opportunity cost is when the desired choice is given up for an alternative. For example, during free period i could have relaxed with friends but instead i studied for my econ test
profit motive
profit motive is the motive behind free market and market but especially free market. Buyers want to save money and sellers want to make money
law of increasing cost
this means that is a certain product increases in cost than another product must decrease. this leads to an increase in opportunity cost
is a form of government. it is a controlled market where the government as complete control and everyone is equal. there is economic equality
a free rider is someone who uses foods they didnt pay for. for example someone using a county park without living in that county
gross domestic product
GDP is the money value of all final products/services produced in within a country’s borders in a year

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