TINSTAAFL stands for?

There is no such thing as a free lunch.

Standard of Living measures:

Quality of life based on ownership of necessities.

Scarcity: The fundamental economic problem of fulfilling unlimited wants with limited resources.

Fundamental economic problem of fulfilling unlimited wants with limited resources.

The specific product a business creates or sells.

How to Produce in business?

The process behind what a business creates or sells.

The person a business has chosen to create or sell a product for.

Best definition of Economics?

Study of human effort to satisfy unlimited wants using scarce resources.

Definition of "Production"

Process of creating goods and services.

Definition of Productivity

Efficient use of productive resources.

Definition of 'Market'

Location for buyers and sellers to interact.

Definition of "Consumers"

People who use goods and services to satisfy wants and needs.

Definition of 'Value'

Item with worth that can be expressed in $$.

Definition of "Business Organization"

Profit seeking enterprise linking resources and consumer satisfaction.

Business owned/run by 1 person.

Definition of "Partnership"

Business owned by 2 or more people.

Definition of "Corporation"

Economic institution recognized by law as a separate legal entity with individual rights.

Definition of "Economic Institution"

Person(s) and Organizations that use factors of production.

Definition of 'Non-Profit'

Organization that operates like a business to provide a service without financial gain.

Definition of "Cooperative"

Association of people that form together to carry out economic activity that benefits all its members.

Definition of 'Merger'

Combination of 2 or more businesses to form a single firm.

Definition of "Conglomerate"

Firm with 4 or more businesses making unrelated products.

Desire, ability, & willingness to buy product.

Demand Schedule shows:

Quantity demanded at each price.

Definition of Diminishing Marginal Utility?

Decreasing additional happiness with each purchase.

Definition of Supply?

Amount sellers offer for sale at all prices in a market.

Supply Schedule shows quantity supplied at every price.

Listing that shows quantity supplied at every price.

Point where Demand & Supply Curves meet.

Econ U1 Vocab Flashcards

Student preview

48 questions

Show all answers

1.

FLASHCARD QUESTION

Front

Incentive in business production?

Back

A Reason

2.

FLASHCARD QUESTION

Front

Opportunity Cost

Back

Cost of next best alternative

3.

FLASHCARD QUESTION

Front

Factor of Production: Tools, equipment, and factories used in production

Back

Capital

4.

FLASHCARD QUESTION

Front

What is a "Want"?

Back

Means of expressing a need.

5.

FLASHCARD QUESTION

Front

Risk-taker in search of profits

Back

Entrepreneurship

6.

FLASHCARD QUESTION

Front

NOT a Basic Economic Question:

Back

"Entrepreneurship"

7.

FLASHCARD QUESTION

Front

Factor of Production: People with efforts, abilities, skills

Back

Labor

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