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Flashcards in Economics, Ethics, and Critical Thinking Deck (6)
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1

Local, individual, small organization, concerned with the economic behavior of individuals, households, and businesses. Deals with decisions that are markets where goods or services are being bought or sold. Examines behaviors and decisions affect the supply and demand, which in turn determine prices. 2 concerns are inputs and outputs. Inputs include that commodities that companies need to produce goods and services, including raw materials, labor, and energy. Outputs include goods and services. 3 types- Command, Market, Subsistence.

MICROECONOMICS

2

An economy in which the production of goods is subject to central control, as in Cuba or former Soviet Union, China. A planned economy, in which the state or government manages the economy. Controls all major sectors of the economy from food production to the manufacture of household goods.

COMMAND ECONOMY

3

An economy that relies on monetary signals to control production and distribution of goods and services. The production, distribution, and price of goods and services are made by private individuals-business owners-based upon their own customer interests. What they produce and the quantity they produce each year are determined by consumer demand and the potential for profit.

MARKET ECONOMY

4

People living in small groups acquired or made what they needed to survive form the environment, hunter-gatherer.

SUBSISTENCE ECONOMY

5

Conservation-preservation and protection of the natural environment

Recycling-convert waste into reusable material

Renewable Resources-solar, wind, water (hydro), biomass, and geothermal

Restoration-returning something to it's original condition

Population Growth-increase of human population

5 Operational Principles of Sustainable Ethics

6

Large, sum of total economic activity. is a branch of economics dealing with the performance, structure, behavior, and decision-making of an economy as a whole. This includes regional, national, and global economies. Study aggregated indicators such as GDP, unemployment rates, national income, price indices, and the interrelations among the different sectors of the economy to better understand how the whole economy functions

MACROECONOMICS