Shared Flashcard Set

Details

First Test
Terms
15
Economics
10th Grade
02/19/2008

Additional Economics Flashcards

 


 

Cards

Term
Laissaz Faire
Definition
Government leaves us alone.
Term
Situation
Definition
The last word of the economic concept that forces us to make choices.
Term
Market
Definition
Type of economic system where the consumers have the greatest power in economic decisions.
Term
Dropping Cost
Definition
You decide to buy a CD with your $15 rather than buy a dinner out. The dinner out is an example of what?
Term
Possibilities
Definition
The maximum a manufacturer can produce given the restraints of a business's factors of production.
Term
Entrepreneur
Definition
The person that drives our economy through risk-taking.
Term
Unlimited Wants
Definition
part of the fundamental economic institution.
Term
Scarcity
Definition
Forces us to make choices
Term
Land
Definition
Natural Resources
Term
Mixed
Definition
combination of all economic systems
Term
Capitol
Definition
Sprague High is what type of resource for the education process?
Term
Capitalism
Definition
Profit motive, private ownership are characteristics
Term
Labor
Definition
Human workers are this factor of production
Term
Economics
Definition
Study of how nations make choices with their limited resources
Term
Traditional
Definition
type of economic system where the decisions are made by tradition
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