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Bs Flashcards

(75 cards)

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1
Q

Economize

A

To use things carefully so you don’t waste them.

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2
Q

Economics

A

The study of how people use limited resources to satisfy unlimited wants.

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3
Q

Economy

A

The system of how a country produces and uses goods and services.

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4
Q

Effective

A

Achieving the goal. (It works.)

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5
Q

Efficient

A

Using the least waste to achieve the goal.

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6
Q

Opportunity Cost

A

The value of the next best thing you give up when you make a choice.

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7
Q

Analytical (Positive) Economics

A

Facts about the economy.
No opinions. Just what is.

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8
Q

Normative (Policy) Economics

A

Opinions about what should happen in the economy.

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9
Q

Scientific Method

A

A step-by-step way to test ideas using evidence and data.

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10
Q

Fallacy

A

A mistake in reasoning.

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11
Q

Fallacy of Composition

A

Thinking that what is true for one person must be true for everyone.

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12
Q

Post Hoc Fallacy (Cause-and-Effect Fallacy)

A

Thinking that just because one thing happened after another, it caused it.

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13
Q

Fallacy of Single Causation

A

Thinking one thing caused something, when actually many factors did.

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14
Q

Production Possibilities Curve

A

A graph showing the maximum amount of two goods an economy can produce.

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15
Q

Trade-off

A

Giving up one thing to get something else

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16
Q

Consumer Goods

A

Goods made for people to use (like food, clothes, phones).

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17
Q

Capital Goods

A

Goods used to make other goods (like machines, factories).

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18
Q

Relative Cost

A

The opportunity cost of producing one good instead of another.

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19
Q

Law of Increasing Relative Cost

A

As you produce more of one good, the opportunity cost increases.

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20
Q

Output

A

The goods and services produced.

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21
Q

Law of Diminishing Returns

A

Adding more of one input (like workers) will eventually produce smaller increases in output.

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22
Q

Input

A

Resources used to produce something (labor, land, capital).

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23
Q

Law of Increasing Returns to Scale

A

When increasing all inputs leads to a more-than-proportional increase in output.

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24
Q

Productive Resources

A

Things used to make goods and services.

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25
Factors of Production
The 4 types of productive resources: Land, Labour, Capital, Entrepreneurship.
26
Capital
Tools, machines, and equipment used to produce goods (NOT money).
27
Real Capital
Physical tools and machines used in production.
28
Money Capital
Money used to invest or start businesses.
29
Productivity
How much output is produced per worker or per input.
30
Tangible Resources
Things you can physically touch (machines, buildings).
31
Intangible Resources
Things you can’t touch but still valuable (brand name, skills, reputation).
32
Environment for Enterprise
Conditions that affect businesses (laws, taxes, economy stability).
33
Value Added
The increase in value when something is improved in production. Example: Wood → table (value increases)
34
Economic System
How a country decides what to produce, how to produce, and for whom.
35
Barter
Trading goods without money.
36
Traditional Economy
Based on customs and traditions
37
Command Economy
Government controls production and decisions.
38
Market Economy
People and businesses make decisions based on supply and demand.
39
Private Enterprise
Businesses owned by private individuals (not government)
40
Mixed Economy
Combination of market + government control. (Canada is this.)
41
Crown Land
Land owned by the government (in Canada).
42
Hidden Economy
Illegal or unreported economic activity (no taxes paid).
43
Democracy
People choose their government by voting.
44
Dictatorship
One person has total control.
45
Communism
Government owns everything. No private property.
46
Socialism
Government controls major industries, but some private ownership exists.
47
Nationalization
When government takes control of private businesses.
48
Capitalism
Private individuals own businesses and property.
49
Fascism
Extreme government control with strong national power and limited freedoms.
50
Public Debt
Money the government owes.
51
Economic Growth
Increase in total production in a country over time.
52
Transfer Payments
Money given by government without receiving goods/services (like welfare).
53
Deflation
General fall in prices.
54
Inflation
General rise in prices.
55
Balance of Payments Accounts
Record of a country’s transactions with other countries.
56
Consumer Sovereignty
Consumers control what is produced because businesses respond to what people buy.
57
Physiocrat
Early economists who believed wealth comes from agriculture (land).
58
Laissez-faire
Government should NOT interfere in the economy. (Let businesses do their thing.)
59
Mercantilism
Old idea that a country becomes rich by exporting more than it imports and collecting gold.
60
Tariff
A tax on imported goods.
61
Industrial Revolution
Time when machines replaced hand production (1700s–1800s), factories grew fast.
62
Self-Interest
Acting in your own benefit.
63
Invisible Hand
Adam Smith’s idea that when people act in self-interest, it can benefit society automatically.
64
Division of Labour
Breaking work into small specialized tasks to increase efficiency.
65
Law of Accumulation
Capital (tools/machines) grows through saving and reinvesting profits.
66
Law of Population
Idea that population grows faster than food supply (Thomas Malthus).
67
Positive Check
Events that increase death rates (war, famine, disease).
68
Preventive Check
Actions that reduce birth rates (delaying marriage, fewer children).
69
Corn Laws
British laws that put tariffs on imported grain to protect local farmers.
70
Absolute Advantage
When a country can produce something using fewer resources than another.
71
Comparative Advantage
When a country produces something at lower opportunity cost than another.
72
Proletariat
The working class.
73
Labour Value
Marx’s idea that value of goods comes from the labour used to make them.
74
Surplus Value
Profit made when workers produce more value than they are paid.
75
Monetarist
Economist who believes controlling money supply controls inflation.
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