The vision to start and run businesses (e.g., Steve Jobs and Apple)

Tangible items produced using the four factors of production

Intangible activities, amenities, benefits, or assistance

Something that can be touched and has a physical form

Something that cannot be touched and has no physical form

Insufficiency or shortness of supply; occurs when demand exceeds availability

Money or benefits lost by not selecting a particular option

The total amount of a good or service available for purchase

The willingness and ability of people within a market area to purchase particular amounts of goods or services at various prices during a specified time period.

The Law of Supply and Demand

The theory that prices are determined by the relationship between supply and demand. It states that as prices rise, companies see more profit potential and increase the supply of goods and services, while customers buy less.

Occurs between individuals, businesses, and governments because we cannot efficiently produce everything we need by ourselves. Often due to resource availability in particular areas.

Three Fundamental Economic Questions

1. What to produce: Deciding which goods and services to produce based on consumer demand, resource availability, and profitability. 2. How to produce: Selecting efficient production methods considering labor costs, technology, and resources. 3. For Whom to produce: Distributing goods and services among society members based on income level and purchasing power.

Market Economy (Capitalism)

Decisions made by individuals and businesses with little government interference. Values private property, capitalism, and individual liberties. Examples: United States, Canada.

Command Economy (Socialism/Communism)

Government makes all economic decisions. Examples: North Korea, Russia, Cuba.

Combines elements of free market with government intervention. Includes both private and public goods. Examples: United States, UK, China, India.

Based on custom, religion, and kinship. Common in countries with prevalent traditional occupations. Examples: Native Americans, Amazon Tribes, Inuit of Alaska.

Private Property Rights

Individuals have the right to own and control personal property, incentivizing investment and efficient resource allocation.

People can freely choose to buy and sell goods and services without coercion, based on mutually agreeable terms.

The desire to earn profit drives businesses to innovate, produce goods and services efficiently, and compete in the market.

Consumers have the power to decide which goods and services to purchase, dictating what businesses produce.

A strategic planning tool that helps organizations identify Strengths, Weaknesses, Opportunities, and Threats related to a business or project.

Strengths in SWOT Analysis

Internal factors that give a company an advantage over its competitors, contributing to its success.

Weaknesses in SWOT Analysis

Internal factors that put the company at a disadvantage or limit its success, needing improvement.

Opportunities in SWOT Analysis

External factors that the company can capitalize on to grow or gain an advantage, such as trends or changes in the environment.

Threats in SWOT Analysis

External factors that could negatively impact the company, representing obstacles or challenges.

Steps in Decision Making

1. Define the problem 2. Identify alternatives 3. Evaluate alternatives 4. Make a choice 5. Take action 6. Review the decision

Measures the amount of consumer spending as an economic indicator. Requires producers to find an equilibrium between product price, product quality, supply, and demand for the most return.

Supply and Demand Curve

A graph that represents the relationship between how much of a product is available to a market and how much the consumers in a market want the product. The two lines of the graph illustrate the relationship between price and demand for these two factors.

When a product is produced in larger quantities than is demanded.

When a product is demanded in larger quantities than is produced.

When the quantity of a product supplied matches the quantity demanded. Can be found at the point where the demand curve meets the supply curve. Producers and consumers are satisfied with the price of the product and the amount produced.

Economic Concepts Flashcards Flashcards

Student preview

38 questions

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1.

FLASHCARD QUESTION

Front

Economic Systems

Back

Describes how a country’s economy is organized

2.

FLASHCARD QUESTION

Front

Needs

Back

Basic necessities required for survival

3.

FLASHCARD QUESTION

Front

Wants

Back

Things that enhance comfort or satisfaction

4.

FLASHCARD QUESTION

Front

Factors of Production

Back

Land, Labor, Capital, Entrepreneurship

5.

FLASHCARD QUESTION

Front

Land

Back

Natural resources (e.g., metals for phones)

6.

FLASHCARD QUESTION

Front

Labor

Back

Human effort and skills (e.g., factory workers and engineers)

7.

FLASHCARD QUESTION

Front

Capital

Back

Machinery, tools, and buildings (e.g., production facilities)

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