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Econ Exam Review

What is it called when you have to decide between two things you may wantchoice
When you are making a choice, ________are the items from which you are making your choicealternatives
When you are making a decision you n eed to consider the good things; the good things are _________.benefits
The bad things about the decision are the ________.costs
When a person makes a choice between two items the item not chosen is called the ____________.opportunity cost
_________are THINGS that are exchanged for paymentgoods
Labor done in exchange for paymentservices
people whom buy and use goods and servicesconsumers
people doing mental or physical work to produce goods and serviceshuman resources
gifts of nature that can be used to produce goods and services (trees, eggs)natural resources
goods made by people to help produce other goods and services (tools, buildings, and tractors)capital resources
Capital, entrepreneurship, land, laborfactors of production
the exchange of one thing for another thingtrade
to trade one good or service for another good or service without using moneybarter
something we use to help us make exchanges for the goods and services we wantmoney
the amount of money required to exchange for a good or serviceprice
is exchanging money for items that someone wants nowspending
is keeping (not spending) money to purchase items later in the futuresaving
is a place where people put their money or borrow moneybank
needis something that a person cannot live wtihout.
wantis something that a person would like to have but can live without .
produceris a person or business that makes a good or provides a service .
budgetis a plan for deciding what to do with your money .
opportunity costis what you give up to get something else .
specializationwhen producers focus on one good or service they are especially suited for.
interdependenceis when people depend on others to provide goods and services .
supplyis the amount of goods which are produced .
demandAmount of a good/service consumers are willing to purchase
investmentMoney placed in stock or something that will yield greater value later
stockis apart of a company that investors buy .
profitis the extra money a business makes after their expenses.
loanmoney borrowed in exchange for interest paid later
interestmoney paid for a loan or earned for savings
transporationto carry products to consumers .
communicationto connect information with consumers.
Traditionaleconomy based on time-honored ways; bartering
CommandEconomy where government makes all deicisions about production & services
MarketEconomy where supply & demand determines production, services, prices
MixedPrivate ownership + Government Regulation
laissez faire"hands off"; little/no gov't regulation
FDICregulates banks, insures depositors
CommunistType of government using a command economy
Federal Reservecontrols money supply and interest rates
inflationprices going up
economic systemhow the goods and services are controlled in a country
scarcityunlimited wants + limited resources
quantitiesthe number or amount of something
regulationanother word for control; usually by the Gov't
comparative advantageAbility of a country to to produce a good at a lower opportunity cost than that of other countries
embargoComplete restriction on imports
importsgoods bought from other countries for domestic use
foreign exchange marketBuys and sells foreign currency for businesses that want to buy imports
depreciationFall in price of currency through supply and demand
import quotaLimits the amount of a particular good that can be imported
absolute advantageAbility of one country to produce more output per unit of input than another country
protectionismArgues that jobs, infant industries, and economic security are threatened by relaxed trade restrictions
protective tariffRaised the cost of imports to protect domestic producers
tariffA tax on imports

Office: Upper Learning Center
Mentor High School

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