individuals who start a new business or bring a product to market.

the tools, equipment, and factories used in production of goods and services

Factors affecting scarcity: What are the three main factors that contribute to scarcity?

Limited resources, unlimited wants, and alternative uses of resources.

Production possibilities curve: Define the concept of production possibilities curve.

The production possibilities curve represents the maximum combination of goods and services that can be produced given the available resources and technology.

What are economic wants?

Desires for goods and services that require money

What are the three basic questions that every economic system must answer?

What's produced, how it's produced & who consumes it

Who or what answers the basic economic questions in a mixed economy?

Individuals, Businesses, and Government

How does capitalism promote innovation and entrepreneurship?

By providing incentives for individuals to innovate and create new products or services in order to compete in the market and generate profit.

A business that allows customers a safe place to deposit money and write checks, save money, and obtain credit cards; a business that acts as a "financial intermediary" between depositors wishing to make money on their money and customers looking to borrow money; a business that sells services such as loans for cars, mortgages, businesses.

What will happen to the demand for candy when the demand for roses changes (due to an increase in the price of a complementary good) and buying candy is less expensive?

demand will shift right, increasing

how much a producer ( a business ) is able and willing to make for sale to consumers.

How does the government break up and prevent monopolies?

Antitrust legislation and regulation

Econ Finals Review 2024 Flashcards

Student preview

49 questions

Show all answers

1.

FLASHCARD QUESTION

Front

What is the concept of opportunity cost?

Back

The value of the next best alternative

2.

FLASHCARD QUESTION

Front

What does tradeoffs mean in economics?

Back

Choosing between different options

3.

FLASHCARD QUESTION

Front

What is the main focus of economics?

Back

Studying decisions

4.

FLASHCARD QUESTION

Front

WHAT IS LABOR?

Back

work people do for pay to produce good and services

Tags

1C

5.

FLASHCARD QUESTION

Front

Back

Human Capital

Tags

1C

6.

FLASHCARD QUESTION

Front

Iron Ore
Options: Land, Labor, Physical capital, Human capital, Entrepreneurship

Back

Land

Tags

1C

7.

FLASHCARD QUESTION

Front

Money used to re-invest in a firm and further its business objectives

Back

Investment Capital

Tags

1C

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