Econ & Personal Finance Unit 1 Flashcards

Front

Economics

Back

Study of how societies use it's scarce resources

Front

Scarcity

Back

Finite Resources, limited in quanity

Front

Good/service

Back

Good: Tangible product that can be purchased

Service: intangible good consumers can be or use

Front

Needs/Wants

Back

Needs: Something necessary for survival

Want: A desire not necessary for survival

Front

Supply/Demand

Back

Supply: Amount of a product or service that can be purchased

Demand: Amount of good that the public wants AND is willing to buy

Front

Macro-Economics

Back

Large, Broad economic study--unemployment, poverty, supply and demand

Front

Microeconomics

Back

Study of smaller elements of economics, individual topics, or individual decisions or markets

Front

Command Economy

Back

Total gov control over resources, money, property, and markets

Front

Market Economy

Back

People have choices, resources and businesses are privately owned; little to no gov. involvement

Front

Mixed Economy

Back

Some elements of the economy are controlled by government, some elements privately owned--shared control of resources/markets