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Economics
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profit
a financial gain
standard of living
how much you have
entrepreneur
a boss
invisible hand
the self regulating nature of the market place
microeconomics
economics concerned for individual decisions
macroeconomics
economics concerned about the big scale
equilibrium
balanced
altruism
greedy or selfish
comparative advantage
the ability to do things more efficiently than another thing
command economy
an economy in which price, etc. are controlled by the government
Adam Smith
founder of modern economics
market failure
the production of goods is not efficient
externality
a consequence
scarcity
not enough supplies for the demand
investment
the process of giving money in hope that it will be profitable in the future
market economy
an that relies on market forces to move goods and resources
self-interest
one's personal advantage
capitalism
a system in which a country's trade and industry are privately owned
Karl Marx
founder of modern communism
tradeoffs
a compromise
incentive
a thing that motivates one to do something
marginal benefit/cost
costs added by producing one more
specialization
providing one particular product or service
transaction costs
a cost incurred in making an economic exchange
per capita income
total national income divided by number of people in the nation
inflation
an increase in prices and fall in value of money
opportunity cost
the value of the next best alternative
mixed economy
both private and public enterprise
human capital
the skills, knowledge, and experience possessed by an individual orpopulation, viewed in terms of their value or cost to an organization or country.
outsourcing
obtain services from foreign supplier
tragedy of the commons
people don't take care of public property but they do take care of private property
sweat shops
a factory or workshop, esp. in the clothing industry, where manualworkers are employed at very low wages for long hours and under poor conditions.
Author
benmfox
ID
3197
Card Set
Economics
Description
KBAT 1
Updated
2009-12-16T02:18:36Z
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